Debt Ceiling Debacle & Liquidity Contraction—June 2023 Update

The summer is here, a typically dormant time for markets may get more interesting as the Treasury stops spending money into them

Dear readers,

Today we proudly present Vailshire Capital Management’s June 2023 Update!

Dr. Jeff Ross, Founder & CEO of Vailshire Capital Management LLC, releases a monthly portfolio and markets update for his clients. Thanks to him, we’re privileged to distribute his excellent work to you, our alpha-hungry TBL readers.

In the face of the debt ceiling, the TGA will need to be replenished via the issuance of fresh Treasury bills, notes, and bonds, enticing liquidity out of the private sector, and potentially leading to a period of underperformance for risk assets.

He walks through how he’s adjusting his portfolio in the wake of this TGA refill, and what he’s paying close attention to across the real economy and markets. Read his update here.

Enjoy,

The Bitcoin Layer Team