Macro Strategy Insights

Treasuries, Treaties, and Treatises

Let’s start with Treasuries. We laid out the approach we would take if we were Warsh last weekend in Warsh’s Mark Antony Moment (a play on coming to “bury” inflation, yet having quite the opposite effect, at least in terms of interest rate policy). After Bessent’s “attempt” to drive bond yields lower, we analyzed the possibilities in Treasury, Treasuries, The Fed, and Iran. The primary focus was on bonds, though we had to toss in the “possibility” of Economic Armageddon for Iran. On Monday we discussed the Fed on Fox Business, but they picked up our theme on Tuesday where ... Treasuries, Treaties, and Treatises

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