Treasury Secretary Scott Bessent’s bold $4B bond buybacks aimed to cool soaring yields, but markets shrugged—bitcoin and gold surged instead. Investors saw the move as a sign of government intervention in debt markets, sparking bets on currency devaluation amid $40T national debt. With deficits fueling more bond supply, the Treasury’s efforts feel like fighting a fire with a garden hose. The result? A surprising rally in alternative assets, as traders bet that inflation and fiscal instability could outpace traditional safe havens—and that the dollar’s fate is now squarely in their hands.
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