Jens Nordvig
Macro strategist; Exante Data
“now we essentially have a form of intervention both in the currency market in dollar yen and we also have a form of intervention in the treasury market with these long and buybacks. ... he is clearly willing to intervene in a way we have really not seen for a long, long, long time.”
“the companies that are going all in on this, Google, Microsoft, Amazon, Meta and so forth, they're not going to give up anytime soon. Like their capex plans for this year and next year have continued acceleration in them. ... every extra 10 billion is like mapping into the issuance with the like higher and higher beta. So next year is going to be dramatically more than this year. So when I look at the long end of the yield curve, it's already pressured.”
Jens Nordvig
One-line summary: Macro / FX strategist. Tracked here for Bessent intervention and hyperscaler-issuance-beta claims on the Treasury long-end.
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Speaker-attributed claims extracted from diarized sources. Each bullet mirrors one entry in quotes: frontmatter — keep them in sync.
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On treasury-buyback-twist-to-hard-asset-debasement, warsh-higher-for-longer-to-brokerage-nii-rerate:
"now we essentially have a form of intervention both in the currency market in dollar yen and we also have a form of intervention in the treasury market with these long and buybacks. ... he is clearly willing to intervene in a way we have really not seen for a long, long, long time." — 2026-09-14-the-compound-and-friends-the-most-interesting-macro-moment (2026-09-11)
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On treasury-buyback-twist-to-hard-asset-debasement, mega-issuance-peak-to-ai-capex-derate:
"the companies that are going all in on this, Google, Microsoft, Amazon, Meta and so forth, they're not going to give up anytime soon. Like their capex plans for this year and next year have continued acceleration in them. ... every extra 10 billion is like mapping into the issuance with the like higher and higher beta. So next year is going to be dramatically more than this year. So when I look at the long end of the yield curve, it's already pressured." — 2026-09-14-the-compound-and-friends-the-most-interesting-macro-moment (2026-09-11)
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