One (or just a few) days doesn’t make a trend, but as of now, it seems that Bessent’s jaw boning with his (desperate) announcement to backstop the long end of the yield curve is being dismissed as either empty rhetoric or “not enough” to do the trick.

The 30-yr had that pop on Monday following his announcement, but the 30-yr (price) has fallen (yields back up) every day since. I’ve long since highlighted how the Fed has clearly lost control of the long end of the curve & if the Treasury Dept fails to hold the line (or even worse, if long-term rates continue much higher), shit (in the financial markets) will start breaking. But again, a few days don’t make a trend, so something to continue to monitor closely, IMO.

If that proves to be the case, there won’t be too many places to hide besides cash, gold, crypto, & select commodities. However, I guarantee they won’t let that happen without one hell of a fight (massive intervention). Keep an eye on the bond market (Treasuries, corps, & other sovereign debt) as well as the various sub-sections within the financials (regional banks, private credit & equity, broker-dealers, etc.)