Michael Every

Interest rates, particularly longer-term yields, will move higher due to massive fiscal pressures from defense spending, supply chain security, reshoring, infrastructure investment, and population appeasement, making the old 'lower for longer' bond trade obsolete.

The Iran conflict will resume after the US midterms because key issues—tolls, sanctions, uranium enrichment, and Lebanon—remain unresolved, and Iran will need to disrupt the Strait of Hormuz again to regain leverage as oil flows increase, keeping oil supply at risk and prices elevated.

Every states that the US administration is likely to push "US Dollar Stablecoins" to fund the government, predicting "trillions" in inflows. He notes the "Clarity Act" is the key legislation to watch. If the US government sanctions stablecoins as the preferred tool for global trade and T-bill funding, the regulated infrastructure providers (custodians and issuers) become systemically important. Coinbase (COIN) is the primary regulated US entity facilitating USDC and institutional crypto infrastructure. LONG the infrastructure of the "Stablecoin Arms Race." The "Clarity Act" fails to pass or the Fed launches a CBDC that competes directly with private stablecoins.

Every notes that freight companies are reporting a pickup in logistics *within* the US (internal shipping), rather than just imports from ports. This indicates the "re-industrialization" thesis is moving from theory to reality. If goods are being moved between US factories rather than just from Long Beach to warehouses, domestic logistics networks (Trucking and Rail) will see volume expansion independent of global trade health. LONG domestic US logistics and transport. A recession caused by high rates crushing consumer demand before the industrial base is fully built.

Every notes that freight companies are reporting a pickup in logistics *within* the US (internal shipping), rather than just imports from ports. This indicates the "re-industrialization" thesis is moving from theory to reality. If goods are being moved between US factories rather than just from Long Beach to warehouses, domestic logistics networks (Trucking and Rail) will see volume expansion independent of global trade health. LONG domestic US logistics and transport. A recession caused by high rates crushing consumer demand before the industrial base is fully built.

Every notes that freight companies are reporting a pickup in logistics *within* the US (internal shipping), rather than just imports from ports. This indicates the "re-industrialization" thesis is moving from theory to reality. If goods are being moved between US factories rather than just from Long Beach to warehouses, domestic logistics networks (Trucking and Rail) will see volume expansion independent of global trade health. LONG domestic US logistics and transport. A recession caused by high rates crushing consumer demand before the industrial base is fully built.