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THE PIVOT
Bessent is playing Chicken with the Bond Market.
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Bessent is playing Chicken with the Bond Market.

The Chickens are winning!

Today’s Market Summary

The markets are sitting in an unusually difficult position. My concern is that several macro pressures are building at the same time—rising bond yields, a strengthening dollar, weakness in the Japanese yen, and the possibility of further rate hikes—yet Bitcoin and crypto are refusing to behave the way they historically have during …

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