BESSENT BETS

There’s currently $31.5T of Treasuries, of which $5.75T have remaining maturity of 10+ years. The Fed already owns $1.6T, leaving $4.1T with a maturity of 10+ years that can be bought. In a market that big, buying $2B more does not matter. My message to Bessent, go big or go home. In 2011 Bernanke did his own “Operation Twist” which was initially worth $400 billion but wound up being $700B.