Group 1: Market Reactions - Political upheaval globally is impacting financial markets, with Argentina's peso hitting an all-time low and stocks and bonds declining sharply after local elections [1] - The Nasdaq reached a record high, while Argentina's Merval index plummeted by 13% [3] - Gold prices surged to a new high of $3,646 per ounce, reflecting a 10% increase in just over two weeks and nearly 40% year-to-date [7] Group 2: U.S. Interest Rates and Bonds - Markets are beginning to price in a potential 50 basis point rate cut by the Federal Reserve, with a 10% chance indicated by Fed funds futures [2] - The U.S. Treasury has reached a $100 billion issuance milestone in four-week T-bills, reflecting a strategy to reduce the country's debt maturity profile [9] - The Fed is expected to resume its interest rate-cutting cycle, with investors anticipating at least 150 basis points of easing by the end of next year [10] Group 3: Economic Indicators and Trends - High inflation, rising government debt, and economic uncertainty are common themes across countries experiencing political volatility [7] - The share of T-bills in the total outstanding federal debt is projected to grow, potentially reaching 25%, a level last seen during the pandemic [16] - Demand for T-bills remains strong, driven by money market funds and stablecoin issuers seeking safe, liquid assets [17]