The Bessent FAIL (Twice)

Recall that Bessent worked for Soros and was instrumental in breaking the British pound.

This columnist doesn't think much of Bessent's "Save the World" bond action.

...Bessent is playing games with the hugely important bond market, trying to fool the buyers and sellers with his two hocus-pocus shows – the big kahuna joint US-Japan yen intervention at the beginning of August, and the announcement of the doubling of the Treasury buybacks on Wednesday. Those two shows were designed to push down long-term Treasury yields. But the bond market doesn’t want to be played with. It has bigger problems. Real problems.

This time, the hocus-pocus show worked for only one day. And that effect was wiped out in two days. Long-term Treasury yields have now fully re-gained the drop on Wednesday.

The 30-year Treasury yield rose by another 4 basis points on Friday to 5.27%, having in two days regained the entire 10-basis-point hocus-pocus drop on Wednesday. On Monday, the 30-year yield had gone over 5.30%, the highest since June 2007, more than wiping out the effects of Bessent’s first hocus-pocus show, and it had spooked Bessent, and rattled, he came up with the second hocus-pocus, which has now also flopped....

Some would love to blame Trump for this problem and it's true that he deserves blame.

But the REAL blame, and 90% of the problem, is spelled C-O-N-G-R-E-S-S.

Whether they are merely shelf decorations like Scott Fitzgerald or utter and total public menaces like Schumer and Pelosi, they all love to spend more than they have.

There are plenty of trees and ropes in this country which are presently un-used.

We have suggestions......