People obsessing over Bessent's Treasury moves are missing the scale.
$60-75B annual pace is noise. When the Fed ran $6T QE then $3T QT, that *moved* private sector wealth and aggregate money — that's what drives economies and markets.
Bessent's shift? An order of magnitude too small to matter.
If you think the economy is weakening, buy bonds. If not, don't. But don't pretend this Treasury tweak is a regime change.
Context matters. Scale matters more.
$60-75B annual pace is noise. When the Fed ran $6T QE then $3T QT, that *moved* private sector wealth and aggregate money — that's what drives economies and markets.
Bessent's shift? An order of magnitude too small to matter.
If you think the economy is weakening, buy bonds. If not, don't. But don't pretend this Treasury tweak is a regime change.
Context matters. Scale matters more.
