As of today’s close:
Figure 1: Change since 2/27 in ten year Treasury yields (blue), in ten year TIPS (red), in %. Source: Treasury.
Yields all along the spectrum have risen since the start of the US-Iran war.
Figure 2: Treasury yields, %. Source: Treasury.
Should we start a GoFundMe for Scott Bessent? How much do you think he needs—$500? More? It’s going to take an invasion of Cuba to calm the bond market.
Does that brief sideways movement on the far right of the spike coincide with the Fed 25 bp bump?
No, it was Mousie Scott not Elephant Fed making that noice. But I am so glad that Scott and the Orange Moron have mad so many friends all over the world. If things get rough they will all come and help us.
Via link from The Big Picture – a great explanation of money.
https://gregorygundersen.com/blog/2026/09/20/hierarchy-of-money/
If its too long for you try using AI to summarize it – just for fun.
You’ve all heard that the Trump administration is running political ads paid for with taxpayer funds. This is blatantly illegal, obvious to anyone.
But yesterday “White House sources”, meaning Donald Trump, disclosed that Trump was directly involved in the production and distribution of these ads. Why would he go out of his way to make this disclosure? Because Trump is flaunting the fact that John Roberts and his co-conspirators gave Trump unlimited immunity for crimes committed while president. He’s directly signally that there is nothing that he cannot do, that he is untouchable for any crime.
Recall that a decade ago Trump bragged “I could stand in the middle of Fifth Avenue and shoot somebody, and I wouldn’t lose any voters, OK?” He’s finally achieved his dream of invincibility thanks to John Roberts.
Allah Akbar Bessent & Donald @uck Haha