Macro Strategy Insights

Ahead of the Fed (also Diesel and Bessent)

Before jumping into the Fed, let’s just spend another minute on diesel, and Bessent’s “Performance” which along with Warsh’s Difficult Task, formed the bulk of last weekend’s Never Forgotten! And Some Work Stuff… Bessent’s “Performance” On the Treasury buyback, we didn’t even get to the full $6 billion. The buyback focused on off-the-run Treasuries, deemed as “cheap,” but not cheap enough that the Treasury Department would “overpay.” If you really want to move bond yields lower, because they are “too high,” using the full amount you said you could use (which is still far too little to make a dent), ... Ahead of the Fed (also Diesel and Bessent)

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