Week of 20 July 2026
Weekly markets 20 07 2026
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New Fed chair Kevin Warsh is breaking with decades of central bank tradition by refusing to give markets forward guidance, a bet that's dividing Wall Street just as US federal debt is set to overtake GDP for the first time since before WWII — Janet Yellen calls the old approach "simple accountability". In micro, insurers are repackaging private credit fund stakes into insurance-wrapped bonds to dodge capital charges, a market Haynes Boone estimates has grown to $1-1.75tn, echoing pre-2008 dynamics. And in market focus, day traders are piling into perpetual futures, dubbed "the most dangerous product in crypto" for the leverage and lack of buffer they offer when markets turn.
