In late February 2026, the market received a headline that, at first glance, sounded purely legal and “dry,” yet in reality it touches the core mechanics of global trade and currency flows. The U.S....
Executive Summary Policy rate: Cut by 25 bps; December remains data‑dependent. QT: Halted from Dec 1 after ~3 years of balance‑sheet runoff. UST purchases: Potential targeted, technical buys to smooth money‑market plumbing—not broad stimulus....