The Repo Machine: Why Bessent Can't Stop Talking About Repo Markets
6:06 ·
September 3, 2026
Why is the Treasury Secretary obsessed with repo markets? Because the marginal buyer of the two-trillion-dollar-a-year US deficit is now a hedge fund running 20-50x leverage through a pawn-shop loop — and the buybacks, the eSLR reform, the TGA story, even the Japan FX operation are all maintenance on that machine. A 6-minute animated explainer based on Andreas Steno Larsen's article.