tl;dr - Trump has the Fed is stuck in a pincer... >We first had a sense that something was off two weeks ago when we read that the Fed was preparing to bail out basis traders, i.e., the largest, multi-strategy hedge funds in the world, including Millennium, Citadel, Point72, Balyasny, Exodus Point due to their staggering exposure to basis trade (see "Fed Urged To Bail Out Hedge Funds During Next Market Crash: Trillions In Basis Trades At Risk"). >Dreading what comes next, we next looked at the regulatory leverage among these usual suspects (whom we had been profiling ever since Sept 2019 when the first big basis trade blow up took place, to be followed just a few months later in March 2020 by the biggest basis trade collapse yet and which led to a multi-trillion Fed bailout of the entire financial system), and to our horror discovered what we had suspected: regulatory leverage among basis traders had almost doubled since the last time the Fed was forced to inject trillions to bail out the world's largest hedge funds under the guise of rebooting the US economy in the aftermath of the covid lockdowns... . . [Source](https://www.zerohedge.com/markets/absolutely-spectacular-meltdown-basis-trade-blowing-sparking-multi-trillion-liquidation)