“I used to think that if there was reincarnation, I wanted to come back as the President or the Pope or as a .400 baseball hitter. But now I would want to come back as the bond market. You can intimidate everybody.” – James Carville, 1994 No one controls the bond market. Not the Fed, not the Treasury. When the time comes for higher yields, Powell and Bessent cannot stop it. https://www.bloomberg.com/news/articles/2025-03-23/-don-t-fight-bessent-s-treasury-is-new-mantra-in-us-bond-market