The Treasury chief highlighted what he termed the "three pillars" crushing household finances: border policy, borrowing costs, and price stability. One promise delivered — immigration enforcement tightened. But here's where markets perk up: rates have pulled back, and the 10-year Treasury just logged its strongest annual run since 2020. That's not small talk. When long-term yields behave, risk assets breathe easier. Now add falling inflation, driven largely by energy price relief, and you've got a setup that historically favors liquidity rotation into higher-beta plays. For crypto? Lower real rates mean weaker dollar pressure and renewed appetite for alternative stores of value. If energy stays cheap and the Fed holds steady, we might finally see that macro tailwind everyone's been waiting for. Keep eyes on CPI prints and bond volatility — they're the real signal now.