The U.S. fiscal picture just got another wake-up call. In the first quarter of fiscal 2026, the government posted a $602 billion deficit—that's the second-largest quarterly deficit on record. We're talking about numbers that put historical precedent in the rearview mirror. These kinds of deficits don't exist in a vacuum. They ripple through markets, shape monetary policy decisions, and ultimately influence how capital flows across asset classes, including crypto. When governments run ballooning deficits, the macro landscape shifts. Investors watching bond markets, inflation expectations, and currency movements are paying attention to these signals. For anyone tracking market cycles, this is the kind of data point that matters.