The chair changes the answer. Stanley Druckenmiller is second to none on macro, but an investor optimizing for one variable

The mechanism is right as Luke states, and I’d argue it’s the correct play. Term the debt into bills, build

Everyone saying Bessent’s doubled Treasury long-duration buybacks aren’t working is missing one pretty important detail: They don’t start until September

Bessent: prevention of the infamous bear steepener and, worse, the long end blowing out by actively suppressing the long end

The latest CPI print came in line with expectations. That is not a victory lap, but it removes one reason

Warsh outsourced his tightening to the bond market. The Treasury is getting ready to shut that down. 🤯 The Fed

America already ran this experiment. 1942 to 1951, the Fed pegged the long end for nine years while postwar inflation

🚨 The long end is a supply and demand story, not an inflation story. Supply: record Treasury issuance funding 6%

The Federal Open Market Committee approved the following statement for release by a 9 – 3 vote: The Committee decided

The Federal Open Market Committee voted 93 to maintain the federal funds target range at 3.5% to 3.75%. That decision

The reaction function is the sign. You hold in June, then one soft core print talks you into a hike?