Markets

Bessent Doubles Yellen’s Hocus-Pocus Treasury Buybacks, Swapping Old Cheap Debt at a Discount for New Expensive Debt

Hocus pocus works with the bond market only briefly. His last hocus-pocus, the big kahuna US-Japan joint intervention, fizzled in days and bond yields marched higher.

Source: Wolf Street

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DW NOTE

Bessent is buying back old Treasuries trading below par and reissuing at today's higher yields — turning a paper loss into a real one while pretending it's debt management. The Treasury pays a premium to retire cheap legacy bonds, then borrows the same amount at 4.7% instead of 2%. That is not buyback strategy, that is paying retail to swap your mortgage for a worse one.

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Hedge Funds Pile Into Fuels as U.S. Supply Squeeze Deepens

For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor

Bessent Doubles Yellen’s Hocus-Pocus Treasury Buybacks, Swapping Old Cheap Debt at a Discount for New Expensive Debt

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Hedge Funds Pile Into Fuels as U.S. Supply Squeeze Deepens

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