To Absorb $1 Trillion of New Treasuries in 3 Months, as the Debt Ballooned to $40 Trillion, Investors Demanded Higher Yields. Bessent Blows Fuse
Bessent’s job is to sell these bonds come hell or high water, and at the lowest possible yield.
Wolf Street
The stories behind business, finance, and money
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Bessent Doubles Yellen’s Hocus-Pocus Treasury Buybacks, Swapping Old Cheap Debt at a Discount for New Expensive Debt
Hocus pocus works with the bond market only briefly. His last hocus-pocus, the big kahuna US-Japan joint intervention, fizzled in days and bond yields marched higher.
Oh Dear, Prices of Single-Family Homes Fell by 11% to 26% in 15 Bigger Cities Already
In another 5 bigger cities, price fell by 10%. But San Francisco powered off the list after AI mania started running the housing market.
Pending Home Sales Drop to 2nd Lowest on Record, Plunge to Record Low in the West, to Near-Record Low in the South
Stuck in the mud at the bottom for a 4th year, after the 2020-2022 home-price explosion.
Foreign Central Banks & Governments Dumped Treasuries, Led by China/Hong Kong and Japan to Raise USD for Yen Intervention
But private-sector holdings remained at huge record, with the big seven financial centers leading the charge.
Construction Inflation for Nonresidential Buildings Soars amid AI Investment Mania
The massive piles of dollars getting thrown at AI infrastructure have an effect.
Prices of Mid-Tier Homes in 33 Big Expensive Cities in America: July 2026 Update
In 33 charts. A special word about San Francisco where AI mania trickled down from a "mansion shortage" to mid-tier homes.
US Government Sold $742 Billion of Treasury Securities this Week. 30-Year Treasury Auction Yield Highest since 2001, 10-Year Auction Yield Highest since 2007
Bond Vigilantes dissolved long ago into ambient air. But these auction yields make Bessent nervous.
My Thoughts about those July Retail Sales
Consumers spent at retailers & restaurants just fine, but Amazon Prime Day and seasonal adjustments wreaked some havoc.
The State of Americans’ Auto Debt
Auto loan balances, average amount financed, loan length, credit score, debt-to-income ratio, and delinquencies from subprime to prime.