The Risk Manager is right that [Bessent's bond gambit](https://www.cnbc.com/2026/08/21/bessents-bond-gambit-aimed-at-calming-markets-is-instead-stirring-inflation-worries-.html) reeks of desperation, but missing the real tell: it's not about managing the debt load — it's about managing THE YIELD CURVE. When Treasury intervenes to suppress long rates, it's because real yields have broken the carry trade that's been funding U.S. deficits.

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