Bond yields aren't listening to Bessent — they're moving the opposite direction and basically laughing at anyone who faded them. When the Treasury Secretary tells you to short bonds and the market immediately runs the other way, that's not just noise. It's a power move by the bond vigilantes.
This matters for risk assets. When yields spike despite dovish talk, liquidity conditions tighten whether the Fed likes it or not. $BTC and equities feel that squeeze through the back door — higher real rates, tighter financial conditions, less fuel for speculative positioning.
Watch the 10-year. If it keeps climbing while officials talk it down, we're in a different regime. The market is pricing something they're not saying out loud yet.
This matters for risk assets. When yields spike despite dovish talk, liquidity conditions tighten whether the Fed likes it or not. $BTC and equities feel that squeeze through the back door — higher real rates, tighter financial conditions, less fuel for speculative positioning.
Watch the 10-year. If it keeps climbing while officials talk it down, we're in a different regime. The market is pricing something they're not saying out loud yet.
