Outside Money for an Era of Financial Repression

👉 Read the full report: Onramp Institutional Q3 2025 Update

Policymakers across developed markets are converging on a familiar path to manage unsustainable debt: financial repression—holding real yields below inflation while rules, liquidity plumbing, and balance-sheet coordination manufacture demand for sovereign paper. The result: a silent transfer from savers to sovereigns, and a thinning margin of safety for traditional portfolios.

This quarterly update maps the emerging regime and its implications for allocators. It examines how repression reshapes risk premia, why equity and bond correlations are rising, and how “outside money”—gold and bitcoin—functions as portfolio ballast in a world of negative real carry and constrained policy flexibility.

Inside, you’ll find:

• A regime map of financial repression and its operational signals
• Portfolio implications across equity, credit, and duration
• Strategic sizing frameworks for outside-money sleeves by mandate
• Implementation details for custody, governance, and IPS language

For institutional investors facing the slow erosion of real returns, outside money offers the only true neutrality—a hedge not against volatility, but against policy itself.

👉 Read the full report: Onramp Institutional Q3 2025 Update