Treasury vs Fed showdown heating up 🔥

Bessent (Treasury): "I'll flood the market with TGA firepower if I have to"

Warsh (Fed): "Nah, we're staying disciplined"

Result? Rates climbing.

Warsh is forcing Bessent's hand on the long end while Treasury pumps out higher-yielding bills. Classic policy tension.

This tug-of-war is making duration plays messy. Watch the curve closely—someone's gotta blink first.