gfp: It could also be that Bessent wants a controlled descent in the markets, just letting air out of the bubble slowly. He's a smart guy. He knows the markets are overvalued largely due to the extra $2 Trillion a year sloshing around the economy every year. I think the Administration would welcome a 20-30% correction which might induce the Fed to lower rates. With all the money the Treasury has to roll over this year replacing expiring Treasuries a reduction in rates would help keep our interest payments from exploding. That's the real danger. The bond market.
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