Macro Voices MacroVoices #520 Michael Every: USD Stablecoins in The Age of Economic Statecraft
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Feb 19, 2026 
Michael Every, Rabobank’s Global Head of Macro Strategy, blends macro and geopolitical savvy in a brisk conversation. He explores economic statecraft, the Fed’s strategic role, and how dollar stablecoins could steer global capital. The discussion also covers US policy moves, election-driven timing, and risks of monetary fragmentation.
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Fed Becoming An Economic Statecraft Tool
- Michael Every argues the Fed's hawk/dove framing misses the point amid an economic statecraft agenda.
- He says the Fed will be reshaped to serve broader USA Inc. strategic goals, not pure technocracy.
Plan For AI-Driven Volatility
- Expect volatility driven by AI disruption regardless of US policy clarity; plan risk management accordingly.
- Monitor sector rotation and AI-led overheating as key sources of market instability.
Logistics Hint At Reindustrialization
- Early logistics signals show freight moving within the US, hinting at a nascent domestic manufacturing pickup.
- This could validate economic statecraft if it sustains investment into US industry.