Very much waiting for a reporter to ask Bessent, "If you were still at Soros and saw Treasury intervening like this without any actual fiscal consolidation, what trade would you put on?"
@domw.bsky.socialSome random thoughts on yesterday's Treasury buyback announcements:
1. Yield Curve Control works because the central bank can, if needed, buy unlimited amounts of bonds to target a specific yield. Treasury doesn't have that ability. This feels more like trying to support an overvalued FX rate.
