Bessent “I am the House” Has Failed
Scott Bessent, the US treasury secretary, announced that the treasury department would triple its buyback of US treasuries, increasing the operation from $2bn to $6bn. I have clients who can triple that in seconds. Bessent was part of the whole group of what I call “The Club.” They were never trade
Source: Armstrong Economics
―
DW NOTE
Tripling Treasury buybacks from $2bn to $6bn against a $1.9 trillion annual deficit is theatre. The US borrowed $1.4 trillion through July alone while the Fed raised rates into a supply shock it cannot control — Hormuz closed for 208 days, inventories draining at 3 million barrels per day, and crude still falling. Bessent is managing optics on a balance sheet that no longer responds to policy.