Post-FOMC Debrief, Treasury Companies Under Pressure & CLARITY Stalls Again

In the latest CF Benchmarks live X Space, recorded July 30 2026, Head of Research Gabe Selby, CFA is joined by Research Analyst Mark Pilipczuk, Kraken Chief Economist Thomas Perfumo, CFA, and special guest Tyler Evans, Co-Founder and Chief Investment Officer of UTXO Management.Tyler is a career Bitcoiner. He co-founded BTC Inc, the publisher behind Bitcoin Magazine and The Bitcoin Conference, before launching UTXO Management, a Bitcoin-native asset manager focused on asymmetric opportunities across public and private markets.The Fed held for a fifth consecutive meeting with three regional presidents dissenting in favor of a hike, the most unified dissent since 2016. The 30 year yield closed at its highest level since 2007. Q2 GDP came in at 1.5% against expectations near 2.1%. Strategy raised another $544 million of common equity without buying a single Bitcoin. And with the Senate's August recess days away, the CLARITY Act remains stuck behind an unresolved ethics provision. The panel works through what all of it means for Bitcoin, treasury companies, and the broader crypto market.Chapters:00:00 – Intro & Team Welcome04:02 – Grading Warsh's Second Press Conference08:14 – Three Inflation Shocks & the Case for a Hold Through Year-End12:52 – The Yen at 40-Year Lows & the Carry Trade Read-Across14:24 – Is the Fed Losing Control of the Long End?16:22 – Yield Curve Control: Playing Against the House20:47 – GDP Misses at 1.5%: Soft Headline, Firmer Internals23:08 – Best Case, Worst Case: Oil, Tariffs & the AI Capex Wobble26:07 – The K-Shaped Economy & Why the US Is Insulated28:42 – Dissent Contagion & Volatility Sequencing Across Assets31:25 – Saylor on Defense: Cash Reserve, Dilution & STRC Buybacks34:56 – Rebuilding mNAV: Aligning Equity Accretion With Bitcoin Per Share37:32 – Stretch at $89: Betting Against Strategy Means Shorting Bitcoin41:15 – Digital Asset Treasuries: Throwing Out the Baby With the Bathwater?46:00 – Supply Concentration: Bitcoin vs ETH & Hyperliquid Treasuries48:54 – Volatility Harvesting & the Coiled Bitcoin Spring54:21 – CLARITY at the One Yard Line: UTXO's Bearish Base Case56:58 – Week Ahead: Jobs, ECI, Strategy Earnings & the CLARITY Act