We’re cooked boys 💀
Bessent: trust me bro. The treasury is buying billions of long-dated bonds to support bond prices and calm yields, but the market looked at him and said “That all you got?” and proceeded to fk him in the ass. Meanwhile, the US gov still running massive deficits and dumping a mountain of debt on the market, so instead of yields collapsing, bond prices got smoked and long-term yields kept climbing. Bessent: we’re stabilizing the market. Bond traders: sure bro, 10Y 5% it is 💀