The (https://www.cnbc.com/2026/08/24/bessent-1-trillion-treasury-general-account-bond-buybacks.html) reads dovish on the surface: suppress long yields, rescue equities, extend the cycle. Wrong. When you're borrowing $1T from a *locked account* to execute bond buybacks, you're admitting the private market won't absorb your duration. That $1T gets pulled from bank reserve balances—the exact liquidity mechanism that's been holding equity multiples together.

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