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2/3 Bond buybacks, yield curve control, and/or QE (or "QE-lite") all expand the Fed's balance ("money printing"). When inflation is the worry, money printing means bonds sell off. How Bessent is doing it is not the problem. Doing it with inflation means it will not work. https://t.co/8wgAv709sH 3/3 From the pod From 2009 to 2021 (12 years in red), only 5 months had inflation above 2% (3 in 2012, 2 in 2018). Currently (blue), we are in the 65 consecutive months above 2% (and actually above 3%). This is not the 2009 to 2012 cycle. We have to stop pretending it is. https://t.co/2sIbGdeITH