The hottest Treasury Substack posts right now

Exogenous shocks are unpredictable and can push inexperienced people into reactive, poor decisions. Experienced managers stay calm and can spot opportunities in the chaos instead of just surviving it.
Maintain cash, runway, and clear math on risk/reward so you aren’t forced to sell in a panic. That optionality lets you buy bargains or double down on strong positions when markets misprice things.
Back strong teams and focus on fundamentals like CAC versus LTV and runway, while asking the right questions. Steady, competent leadership and objective decision‑making help organizations steer through storms.

Modern DAOs have become bloated human-driven bureaucracies where endless votes, politics, and unreliable contributors stall progress.
Specialized AI agents can autonomously handle fundraising, research, vetting, and treasury tasks at scale, executing decisions faster and more efficiently than human committees.
Humans should set the mission and ethical guardrails and then focus on community-building and on-the-ground work, while AI handles day-to-day execution; the real choice is to adopt AI agents or stay stuck in governance theater.

The proposed One Big Beautiful Bill Act could increase the US deficit by $2.4 trillion over the next ten years. This could lead to higher interest rates on government bonds, which makes borrowing more expensive.
With rising debt, long-term Treasury yields are likely to go up significantly. As the debt burden increases, investors in the bond market might react quickly, which can lead to sharp changes in interest rates.
The impact of increasing debt might not be felt right away, but it can snowball quickly. It's important to keep an eye on these trends because economic changes can happen faster than expected.

Inflation-indexed treasuries offer protection against inflation while traditional bonds have set coupons. This creates different return expectations based on inflation rates.
Recently, there has been an unusual rise in real interest rates for inflation-indexed bonds, while nominal rates have stayed the same. This trend is puzzling and contrary to expectations based on economic conditions.
One possible reason for the unusual behavior is that investors are selling inflation-indexed bonds for liquidity, which might bring their rates back to normal levels soon. If that happens, these bonds could become a good investment opportunity.

AIP-004 would stake the Axie Treasury’s ~23M AXS and 96K RON to earn yield, creating a new revenue stream while slightly lowering staking APR for existing stakers because AXS staking emissions are capped.
Voting for AIP-004 runs Dec 15–22, requires a 66% supermajority to pass, and vote delegation does not carry over so you must delegate again if you want to delegate for this proposal.
Seven new badges were added for specific Axie bodies and land item rarities, and some Axie Score values were adjusted to give more points to Mystic holders with multiple Mystic parts.

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