← Patrick Boyle On Finance30 aug · 45 min
Scott Bessent Is at War With Prices — and Prices Are Winning!
<p>Treasury Secretary Scott Bessent is trying to force down US Treasury yields with surprise bond buybacks — and it isn't working. In this video we break down Bessent's activist debt management strategy, why doubling the Treasury's long-dated buybacks is a bet on falling interest rates funded by short-term bills, and why his old boss Stanley Druckenmiller publicly tore the plan apart in a Wall Street Journal op-ed ("Let the Bond Market Speak"). We look at the collision with new Federal Reserve Chair Kevin Warsh after Jackson Hole, the 50% tariffs on Canada and the Mark Carney feud, "Operation Economic Outcast" and the secondary-sanctions problem with China and Iranian oil, the GENIUS Act and crypto's role in sanctions evasion, and Stephen Miran's case for the defense. The through-line: you can't trade around arithmetic. When a government goes to war with market prices, the bond market has an infinite balance sheet — and prices tend to win.</p><p><strong>Patrick's Books:</strong></p><p>Statistics For The Trading Floor: <a href="https://amzn.to/3eerLA0">https://amzn.to/3eerLA0</a></p><p>Derivatives For The Trading Floor: <a href=" https://amzn.to/3cjsyPF"> https://amzn.to/3cjsyPF</a></p><p>Corporate Finance: <a href="https://amzn.to/3fn3rvC ">https://amzn.to/3fn3rvC </a><strong></strong></p><p><br></p><p><strong>Ways To Support The Channel:</strong></p><p>Patreon: <a href="https://www.patreon.com/PatrickBoyleOnFinance">https://www.patreon.com/PatrickBoyleOnFinance</a></p><p>Buy Me a Coffee: https://www.buymeacoffee.com/patrickboyle</p><p></p>
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