Bitcoin & Liquidity Academy 3: Primary Dealers, U.S. Treasuries & the Fed

Описание: In this episode, Nik continues our TBL classroom series on Bitcoin and liquidity. He breaks down the inner workings of the U.S. Treasury market, the role of primary dealers, and how the Federal Reserve interacts with both. This lesson covers the mechanics of QE and QT, Fed balance sheet dynamics, and how treasuries move from issuance to investor portfolios. Nik also introduces the concept of liability-driven investing and asset-liability matching to explain long-term treasury demand. This episode continues to build the foundation for understanding Bitcoin’s place within the global liquidity system.

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Researcher Demian Schatt's Twitter: https://x.com/demianschatt
Lead Statistician Augustine Carrasco Twitter: https://x.com/AugustineCarrB

❗ The Bitcoin Layer and its guests do not provide investment advice.

Chapters:
00:27 Treasuries, Equities & Fed Balance Sheet
03:11 Fed's Asset Side & Quantitative Easing Explained
06:11 Fed's Liabilities: Cash, TGA, Repo, Reserves
08:31 Introduction to Primary Dealers
10:10 Pension Funds and Long-Term Treasuries
12:03 How Dealers Operate & Finance Treasuries
15:03 How Treasuries Reach Pension Portfolios
16:22 Primary Dealers' Roles & Treasury Auctions
18:04 Primary Dealers & The Federal Reserve
19:32 QE: How the Fed Buys Treasuries
20:27 Join the Classroom & Next Steps