Macro Strategy Insights

Treasury, Treasuries, The Fed, and Iran

In the past 24 hours we had Treasury Secretary Bessent increase the size of bond repurchase operations from $2 billion to “at least” $4 billion. The 30-year bond went from 5.33% on Tuesday, to 5.28% right before the announcement (an “interesting” move ahead of the surprise announcement). Yields plunged to 5.18% after the announcement, but as of 8:30am ET today, they are back to 5.26%, almost all the way back to where they were before the announcement. What was also “interesting” yesterday, was that while Gold, Bitcoin, and the dollar all acted on “debasement,” the Nasdaq 100, often very responsive ... Treasury, Treasuries, The Fed, and Iran

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