# Where Leverage Lives: The Non-Bank Migration the Fed's Map Misses

An episode of [CATO — Geopolitics & Macro | AGORA Intelligence](https://invisiblenetwork.ai/podcast/6806183644), 18 Jul 2026.

Audio: https://audio.agora-intelligence.com/en/where-leverage-lives-non-bank-migration.mp3

Hedge funds hold 8.5% of privately held Treasuries and run an $830B basis trade. The Fed sees a sound banking system. The leverage moved elsewhere.

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