Issue No. XXIII ·
Bessent's Treasury buyback fails its first test in forty-eight hours
The 30-year touched its highest level since 2007 this week, and the intervention designed to contain it was fully retraced by Thursday — the lasting damage is the retreat from "regular and predictable" issuance, not the yield level itself.
Have the next one arrive on Sunday.
One issue a week: macro and policy, markets, geopolitics, and the week ahead. No advertising.
Subscribe — £5 / month