[Bessent's bond buyback](https://www.marketwatch.com/story/bessent-tapping-treasurys-rainy-day-fund-for-buybacks-isnt-a-bazooka-to-get-markets-to-move-his-way-705ca356?mod=mw_rss_topstories) is being framed as confidence in the fiscal outlook, but the forensic read reveals structural pressure: JPM and BAC combined hold in cash against negative and positive operating cash flows respectively, and rising Treasury yields are forcing working capital unwinding.

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