Gandalv
Scott Bessent has apparently discovered a pot of nearly a trillion dollars sitting in the Treasury General Account and decided the clever thing to do is spend it buying back America’s own bonds. Which is a bit like finding your emergency savings and using them to bid up the price of your own house so the neighbours stop asking questions. Here’s what he doesn’t seem to grasp. The intervention isn’t the problem. The signal is. Healthy bond markets don’t need the Treasury Secretary wading in with the national piggy bank. The moment you do it, every trader on Earth concludes that something, somewhere, is quietly on fire. So Bessent thinks he’s projecting strength, calm hands on the wheel and all that. What he’s actually doing is standing in the middle of the market shouting “nothing to see here” through a megaphone. Markets always believe the megaphone. Stay ahead of the curve, follow @Microinteracti1
