RenMac breaks down Treasury&#x27;s move to double its long-end liquidity support ops to $4 billion, its turn from plumbing to arguing yields don&#x27;t reflect fundamentals and how bill-funding those buys lands them on the Fed&#x27;s sheet. The team also discusses why a 53-year high in capex intentions is credit-financed capacity that looks like growth until the cost of capital reprices, Oracle and Nvidia CDS at new highs, PMIs as a bad indicator for asset allocation and why P/Es are siren songs in the context of shooting failed momentum in the back.

RenMac Off-Script: Breaking Glass

RenMac

[SPEAKER_06] You know, one thing that I just sensed this, maybe I'm off, maybe my spidey sense is not well calibrated, but it feels like we're breaking more glass here more recently with YET intervention. Now this, you know, this chatter here of, you know, a very soft mechanism of an operation type of twist, you know, from the Treasury.

[SPEAKER_06] Usually it's just kind of we go along and on our merry way and until there really is a problem, you know, they don't tend to touch markets. But it feels like there's been more hands on here.

[SPEAKER_00] RenMac Off-Script originated as a weekly internal research meeting designed to summarize and discuss what happened in Washington, the markets and the economic data over the past week. It was always intended to be and remains a free flowing conversation with no discernible objective other than to extract the wisdom and opinion of our analysts and their expertise. This is a conversation among colleagues. Individual circumstances are unique and nuanced. Do not mistake these conversations for investment advice because it's not.

[SPEAKER_00] Here we go.

[SPEAKER_04] All right. Welcome to RenMac Off-Script, where we openly discuss markets, economics, policy, history and life. It is Friday, August 21st, 2026. I'm Steve Duttenhofer. I'm Jeff DeGraff. I'm Neil Dutta. And I'm Howard Mason. Neil, you got a NIL with Peloton we don't know about? No, I just, it's the first T-shirt I could find in the drawer, basically. Well, thanks. Thanks for dressing up for us. Appreciate that.

[SPEAKER_04] Howard Mason join us. At least he's got a nice, you know, coat on today. Thanks, Howard. I like to dress up. You're English. That's why. That's very proper British. Very proper British.

RenMac Off-Script: Breaking Glass

Read the full transcript

The candid version is on a podcast,
not the earnings call.

RenMac Off-Script: Breaking Glass

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.