{"id":5693,"date":"2026-08-21T11:09:22","date_gmt":"2026-08-21T11:09:22","guid":{"rendered":"https:\/\/crosscountrymovingteams.com\/?p=5693"},"modified":"2026-08-21T11:09:22","modified_gmt":"2026-08-21T11:09:22","slug":"wall-street-is-bemused-by-bessents-bond-plan-and-the-unwinding-punt-on-the-japanese-yen-hes-hinting-he-knows-something-the-markets-dont","status":"publish","type":"post","link":"https:\/\/crosscountrymovingteams.com\/?p=5693","title":{"rendered":"Wall Street is bemused by Bessent\u2019s bond plan and the unwinding punt on the Japanese yen\u2014he\u2019s hinting he knows something the markets don\u2019t"},"content":{"rendered":"
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Likewise, analysts fear Bessent\u2019s bond battle this week will amount to very little: \u201cDespite a series of efforts to thwart bond vigilantes, we believe these measures will struggle to offset either declining Fed credibility or rising rate expectations,\u201d the BNP Paribas Markets 360 team wrote Wednesday. <\/p>\n

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Long-dated Treasuries drifted down since the announcement, but they remain relatively elevated. As such, Daniel Casali, chief investment strategist at wealth management firm Evelyn Partners, suggested: \u201cIf policymakers are serious about capping long-end yields, more intervention may be required. Indeed, to borrow from the movie Jaws: \u201cWe\u2019re gonna need a bigger boat \u2026\u201d Investors may conclude that this week\u2019s\u00a0buyback\u00a0announcement is not the last one needed to stop yields rising higher.\u201d<\/p>\n

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Bessent is apparently unimpressed by the lack of confidence. Speaking on CNBC, he suggested the Treasury is working beyond the market\u2019s perception. <\/p>\n

\u201cPeople have bad information. I have asymmetric information,\u201d Bessent said. \u201cSo I think that the market should think: \u2018Why would we have joined the Japanese in the intervention at this time? Do we know something the market doesn\u2019t know \u2026 in terms of being willing to do \u2026 what I would call a Treasury twist here, in terms of the bond market? What do I know that the market doesn\u2019t know?’\u201d<\/p>\n

\u201cSo I think the market\u2019s probably gotten a little ahead of itself, a lot of people have not much to do in August.\u201d<\/p>\n

Bessent added that further action on bonds will hinge on market reaction, maintaining that what the Treasury is \u201ctrying to do is get people to focus on the fundamentals and not trade the headlines during a quiet period in a thin market. So, we are trying to keep the market in equilibrium.\u201d <\/p>\n

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Warsh and Bessent<\/h2>\n

On the surface, Bessent\u2019s action seems at odds with the Federal Reserve\u2019s strategy. New chairman Kevin Warsh has suggested tightening at the long end of the yield curve\u2014the very thing Bessent is now trying to loosen\u2014helps the Fed read market signals.<\/p>\n

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He : \u201cWe\u2019re seeing a tightening both in nominals and in reals, even while, at some level, we haven\u2019t done much in 42 days, the markets have done quite a bit.\u201d <\/p>\n

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Warsh has long been a proponent of central banks reducing distortion in markets, and has also signaled he would like to reduce the Fed\u2019s balance sheet\u2014potentially pushing up borrowing costs as a result.<\/p>\n

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Bessent responded: \u201cThe Treasury and the Fed would work together if there was any change in the balance sheet, and we would adjust to any kind of run-off that they\u2019re doing.\u201d <\/p>\n

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It might be tempting, on the surface, to see the Fed and the Treasury at cross-currents. However, Bessent and Warsh\u2019s working relationship is clear: the pair continue the long-standing tradition of meeting for breakfast or lunch every week.<\/p>\n

Moreover, while Warsh has been clear he wants to pull the central bank back to what he sees as its \u201clane,\u201d he has been explicit that it is not the role of the politically independent Fed to stray any further, for example, into the work of the Treasury.<\/p>\n

He told Congress last month: \u201cThe way we erode\u00a0[Fed] credibility are two things: We wander outside of our lane into your\u00a0lane, or into the lane of another\u00a0executive branch, or we don\u2019t deliver on\u00a0our promises. The first thing we can do\u00a0is to deliver on our promises, and the\u00a0second thing is \u2026 stick in our\u00a0lane. That\u2019s what we\u2019re going to do.\u201d<\/p>\n

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Treasury Secretary Scott Bessent is suggesting he may be working beyond the markets information on yen and bonds.<\/p>\n","protected":false},"author":1,"featured_media":5692,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[341],"tags":[],"class_list":["post-5693","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-scott-bessent"],"yoast_head":"\nWall Street is bemused by Bessent\u2019s bond plan and the unwinding punt on the Japanese yen\u2014he\u2019s hinting he knows something the markets don\u2019t - Cross Country Moving Team<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/crosscountrymovingteams.com\/?p=5693\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wall Street is bemused by Bessent\u2019s bond plan and the unwinding punt on the Japanese yen\u2014he\u2019s hinting he knows something the markets don\u2019t - 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