**Treasury and Fed Pull Apart**

On August 19, Scott Bessent doubled Treasury buybacks to **$4 billion a week**. The 30-year yield fell about 10 basis points, then reversed. The 10-year reached **4.704%** and the 30-year **5.248%**.

The pressure is structural: US debt has crossed **$40 trillion**, the deficit is on pace for **$1.9 trillion**, and tech companies are issuing debt for AI and data centers.

On August 28, Kevin Warsh called the **2% inflation target firm and fixed** and would not rule out a September hike. Yields rose again, erasing Bessent’s gains.

Japan faces a similar conflict. The Bank of Japan is hiking rates while the government spent **15.4 trillion yen** on intervention. The yen still trades above 160 per dollar.

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