PremiumAugust was supposed to be the quiet month.Instead, Treasury Secretary Bessent stepped into USDJPY, then into the long end of the Treasury curve, and the market heard the message it always hears when officialdom starts improvising: they will debase before they let the bond market break.1) Interventionism: Stocks Vs 'Stores of Value'
Stocks Versus 'Stores Of Value': Goldman Partner On A "Seriously Consequential August Event Sequence"
...the market that has decided the State will not let the long end, or nominal growth, fail - and is now arguing, name by name, about who actually gets paid...
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