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Lot of people are asking why a guy like Bessent, who knows these kinds of interventions have an ephemeral effect if any at all, would do something like this and damage his own credibility. The simple, most likely answer is Trump knows long rates are high and going in the wrong direction. He tasked Bessent to do something about it. And this was basically the only card he had to play. Just wait until this doesn’t work and Trump starts leaning on the Fed.

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