Bessent doubled the buybacks. The bond market handed the whole rally back in a day.
Treasury doubled its long-end buyback operations to at least $4B apiece from $2B, running Sept 9 to Nov 4 (Yahoo Finance). The 30Y yield slid from a 19-year high of 5.33% to 5.184%, then erased almost the entire move by Thursday (CNBC).
When the issuer has to bid for its own long bonds and yields climb anyway, the market is pricing fiscal risk, not rate risk. Crypto read that as a liquidity signal rather than a warning.
$BTC just posted its biggest weekly gain in two years, tagging $78.8K overnight before settling near $77K. Spot BTC and ETH ETFs pulled a combined $827M on Aug 20 alone (CoinDesk) $ETH
If the Treasury cannot cap the long end, where does the marginal dollar actually go?
#Write2Earn #Bitcoin #BondYields #ETFFlows
Not financial advice. DYOR.
Treasury doubled its long-end buyback operations to at least $4B apiece from $2B, running Sept 9 to Nov 4 (Yahoo Finance). The 30Y yield slid from a 19-year high of 5.33% to 5.184%, then erased almost the entire move by Thursday (CNBC).
When the issuer has to bid for its own long bonds and yields climb anyway, the market is pricing fiscal risk, not rate risk. Crypto read that as a liquidity signal rather than a warning.
$BTC just posted its biggest weekly gain in two years, tagging $78.8K overnight before settling near $77K. Spot BTC and ETH ETFs pulled a combined $827M on Aug 20 alone (CoinDesk) $ETH
If the Treasury cannot cap the long end, where does the marginal dollar actually go?
#Write2Earn #Bitcoin #BondYields #ETFFlows
Not financial advice. DYOR.