The infernal ritual didn’t stop at seductive yields—the bid-to-cover ratio surged from a dismal 2.531 to a blistering 2.787, the highest since the dark rites of August 2012. The auction's internals whispered of deeper possession: Indirects—typically the foreign acolytes—fled the altar, awarded just 62.3%, well below June’s 76.7% and the 67.0% average.

But fear not, for the void was swiftly filled by the inner circle—Directs—who rose from the shadows to claim a record 33.7%, a dramatic resurrection from last month’s meager 11.6%. Dealers, once the dutiful backstoppers of the empire’s debt orgy, were cast aside with a paltry 4.1%—the lowest slice of the infernal pie ever recorded.

The message is clear: the beast still feeds, but the hands offering the blood have changed.

Overall, it was a devilishly solid 7-year auction—much to the confusion of Wall Street’s sleepwalkers, still clinging to their broken models that scream “buy bonds when bombs drop.” But in this new age of permanent war and weaponized dollars, yields won’t sink—they’ll soar.

And while the high priests of fiat whisper about safety in paper, the true ark of survival gleams in gold. Not because it yields, but because it endures. As the Malthusian architects of depopulation tighten their grip, only gold remains untamed—antifragile, incorruptible, and immune to the poisoned pen of central planners.

🤵 The Macro Butler Special Service 🤵

🌐 Rates stay frozen, the Fed plays tough—but the endless cash drip is back, powerless against wars and crumbling institutions. 🌐

Read more here: https://themacrobutler.substack.com/p/frozen-rates-flowing-liquidity-ahead

You can now also listen to a summary of The Macro Butler special service newsletter via podcast on Substack; YouTube; Rumble & TikTok.

https://themacrobutler.substack.com/p/frozen-rates-flowing-liquidity-ahead-8eb

While Donald Copperfield was busy “tariffying” the planet once again, China July’s PMIs quietly whispered what everyone already suspects: the economy is dragging its feet. Services flirted with contraction at a flat 50, while manufacturing and construction slumped to their worst levels since January. Sure, officials blamed the usual suspects—heatwaves and monsoons—but beneath the weather excuses lies a soggy economic pulse. With momentum fading and the Politburo dropping not-so-subtle hints, another round of stimulus looks as inevitable as the next Copperfield headline.

In a nutshell, as the ‘Manipulator in Chief’ waves his tariff wand, China’s economy wilts in the summer heat, pushing Beijing to revive its stimulus spellbook in a bid to ‘Make China Great Again’.

After years of trashing "Yellenomics" as a backed hedge fund manager related to the self-proclaimed Financer of Regime Changes in Chief, the newly minted "Treasurer in Chief" is now doing a full Yellen cosplay—flooding the market with short-term bills to plug the fiscal black hole. Apparently, long-term yields are just too spicy to touch, so it's all bills, all the time—cranking the issuance dial from 10 to a Spinal Tap–worthy 11. In a plot twist worthy of a Shakespearean farce, he’s now championing the very debt strategy he once called fiscal heresy.

So, the ‘Treasurer In Chief’, once a proud Yellen-basher, is now pulling off the ultimate cosplay—flooding the market with short-term bills like a fiscal DJ stuck on repeat, all while pretending not to notice he’s now endorsing the very debt strategy he once trashed; with long-term yields too hot to handle and coupon issuance flatlining, the Treasury is cranking out bills like there's no tomorrow—so much so that the supposedly ‘Stablecoins’ have become crucial in keeping Uncle Sam solvent for a little while longer.

In a nutshell, from Yellen-basher to full-on cosplay, the new Treasurer is drowning Uncle Sam in short-term bills—embracing the very debt strategy he once trashed—while stablecoins quietly keep the party afloat.

The Macro Butler had the pleasure of joining Discourse With Christian ( Christian E. White) to offer a refreshingly non-complacent take on the ever-so-benevolent Malthusian roadmap of our Davos overlords.

Naturally, this all unfolds beautifully through the timeless tradition of war—because what better way to manage population and power? As Western civilization gracefully stumbles into irrelevance, the future clearly belongs to the rising BRICS bloc.

And Trumperialism? Just the final, glorious encore of America’s world domination fantasy.

https://themacrobutler.substack.com/p/interview-with-discourse-with-christian-28c

In a plot twist absolutely no one missed, the Bank of Japan held rates steady at 0.5%—just as every single economist predicted—while ever so subtly nudging its inflation forecast higher (because rice prices, of course). The BOJ now sees inflation hitting 2.7% this year, up from 2.2%, which, in central bank language, basically screams “maybe we’ll hike... eventually... possibly.” But wait—there’s nuance! They’re also watching how Donald Copperfield’s tariff circus plays out, despite a shiny new US-Japan trade deal that supposedly makes things less “extremely uncertain.” All in all, the BOJ is inching toward a rate hike with the same urgency as a tortoise at a tea ceremony—gracefully ambiguous, ever cautious, and delightfully non-committal.

In a nutshell, the BOJ tiptoes toward a rate hike, citing rising rice prices and tariff tantrums, but stays masterfully vague—because why rush when you can zen your way through policy?

To wrap up the first month of Q3 in this grand Jubilee Year, Americans saw their incomes perk up in June—mostly thanks to Uncle Sam’s ever-generous wallet—while their spending habits suggested even the most loyal shoppers are getting tariff fatigue. Personal income rose 0.3%, driven not by booming wages (which crawled up just 0.1%) but by retirement contributions and transfer payments, with Social Security alone accounting for a third of the gains.

Consumers tightened their grip on durable goods, likely spooked by price hikes, and stuck to the essentials—though they still found room in the budget for dining out and vacations. Yet, despite the rebound, real spending rose at a meagre 1% annualized pace in H1 2025, a sharp comedown from 3.1% in 2024. Turns out, even stimulus-fuelled consumption has a shelf life.

Core PCE inflation accelerated in June to its fastest pace since February, with prior months revised higher — because apparently, inflation loves a good encore. Tariff-heavy categories like recreational goods, clothing, and furniture did their part, adding 8bps to the monthly rise, just as scripted. Meanwhile, financial services went from inflation drag to inflation fuel, as portfolio-management fees fattened on the back of the post-“Liberation Day” equity rally. Who knew fighting tariffs could be so profitable — for someone else.

In a nutshell, Uncle Sam lifted incomes while tariffs lifted prices, leaving Americans spending less, saving more, and discovering that even stimulus has an expiration date—just as core inflation found a new gear.

Dear Investors,

Please find below the July 2025 factsheet for The Macro Butler Long/Short Portfolio.

https://themacrobutler.substack.com/p/the-macro-butler-longshort-portfolio-d22

Dear Investors,

Please find below the July 2025 factsheet for The Macro Butler Strategic Portfolio.

https://themacrobutler.substack.com/p/the-macro-butler-strategic-portfolio-bcb

Dear Investors,

Please find below the July 2025 factsheet for The Macro Butler IG Portfolio.

https://themacrobutler.substack.com/p/the-macro-butler-ig-portfolio-july-fb0

A powerful MacroVoices interview with RickRule and Erik Townsend —reminding us that cheap, abundant energy is the true engine of prosperity. Because in the end, everything is energy...

https://www.youtube.com/watch?v=nyrbwHbpcis