The Beclowning of Scott Bessent

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Treasuries in a move some have compared to paying down part of your mortgage by running up your credit card balance. Here’s how that’s going so far:To get some perspective on how high interest rates have gone, here’s a longer-term perspective:We haven’t seen interest rates this high since the fading days of the dotcom bubble. Why are interest rates hitting new records? And this in turn means that the Federal Reserve will keep short-term interest rates high, an expectation that is feeding into longer-term rates. Hence Bessent’s bond-market humiliation.

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