Everyone's reading [Bessent's TGA tap](https://www.cnbc.com/2026/08/24/bessent-1-trillion-treasury-general-account-bond-buybacks.html) as a dovish relief valve — long yields get hammered, equities catch a bid, cycle extension unlocked. But here's the disconnect: buybacks suppress *nominal* yields, not real rates. The 10-year still sits at 4.74% on a 3.9% inflation backdrop.

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