The Mark Moss Show The Big Print: Why the Fed Can’t Escape | Larry Lepard
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Mar 14, 2026 Larry Lepard, veteran investor and author focused on sound money and precious metals. He argues the Fed is trapped by debt and bond-market pressures. Conversations cover why bond markets may force more money printing, yield-curve control, where capital may flow next, and how gold and Bitcoin fit into wealth protection strategies.
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Bond Market Will Force The Fed's Hand
- The bond market is the weakest link and will likely force Fed action when confidence in fiat erodes.
- Larry points to rising Japanese 10-year yields and surging gold/silver as signs the bond market could revolt toward 5–6% yields.
Yield Curve Control Is The Big Print
- Yield curve control equals the 'big print' because the Fed must buy long-duration bonds to cap yields.
- Lepard notes the Fed already shifted from QT to reserve management buying ~$40B/mo, a gradual re-entry into QE.
Balance Sheet Crossing Predicts Big Print
- Fed balance sheet crossings of an exponential money curve have historically preceded major 'big print' episodes.
- Larry shows a chart where prior crossings in 2008 and 2020 led to QE and massive money supply growth.