captjack 🏴‍☠️✨💜 on Nostr: ➡ El-Erian’s point is blunt: watch the Treasury, not the Fed. Vance wants cheaper ...

➡ El-Erian’s point is blunt: watch the Treasury, not the Fed.
Vance wants cheaper mortgages, so he wants cheaper money.That's not where in cycle it is now.

Treasury that no longer wants only to inform markets. It wants to impose outcomes.
➡ “It’s a massive market. You cannot influence it in a very lasting manner unless you’re willing to live with the unintended consequences and the collateral damage.”

Damage control has already started. Scott Bessent now says
He was there to ease summer illiquidity. The story flipped from yield levels to “market functioning.” aka blunt lying

➡ That imbalance — not inflation, not Fed credibility, not a collapse in trust in US assets — is why rates are under pressure.
“This is a simple supply and demand.” Governments and hyperscalers are flooding the market with paper.

👉You can change the narrative. You cannot command a market this large.