US Treasury ramping up direct intervention in bond markets as yields refuse to drop.
Key moves in play:
• Doubling buyback program to $4B+ per operation
• Eyeing $950B TGA war chest for deployment
• Shifting issuance mix—more short-term, less long-term paper
Bessent basically said "whatever it takes" to crush yields.
With the Fed stuck, Treasury's about to become the new liquidity dealer. This is fiscal policy doing monetary policy's job.
Watch $TLT and the 10Y—if Treasury goes full intervention mode, risk-on could rip. But if it fails? Bond vigilantes win and everything bleeds.
Key moves in play:
• Doubling buyback program to $4B+ per operation
• Eyeing $950B TGA war chest for deployment
• Shifting issuance mix—more short-term, less long-term paper
Bessent basically said "whatever it takes" to crush yields.
With the Fed stuck, Treasury's about to become the new liquidity dealer. This is fiscal policy doing monetary policy's job.
Watch $TLT and the 10Y—if Treasury goes full intervention mode, risk-on could rip. But if it fails? Bond vigilantes win and everything bleeds.
