@jolyonThe U.S. Treasury is actively working to halt the rise in bond yields, but David Lin suggests Washington lacks the necessary power to control such a vast market. Treasury Secretary Scott Bessent has doubled the size of planned bond buybacks, moving from $2 billion to $4 billion for each operation. This adjustment signals that officials are ready to intervene with greater aggression. However, yields dropped for just a single day before climbing straight back up. The issue comes down to scale. The Treasury market is valued in the tens of trillions of dollars. In that context, a $4 billion intervention acts as little more than a signal. If yields continue their upward trajectory, the fallout will reach far beyond Wall Street. Mortgages, corporate borrowing, and government debt servicing all become more expensive when yields rise. Lin warns that higher debt costs could push governments toward more aggressive tariffs, trade wars, and foreign-policy decisions. Nations may take these steps to protect their economies when financial pressure limits their available options. Meanwhile, the dollar remains the dominant global safe haven. Yet central banks are accumulating more gold, and countries are increasingly seeking ways to bypass a dollar-based system. Then there is the Iran war. Lin argues this conflict has exposed a critical vulnerability: energy infrastructure is remarkably easy to disrupt using cheap drones. Refineries, pipelines, and shipping lanes can all become targets. This dynamic creates a much larger problem for an already fragile global economy. Consequently, the biggest risk may not be a sudden financial collapse. It could be governments gradually losing room to maneuver while markets become unwilling to listen. The Treasury can announce bigger interventions, but the bond market can simply decide they are not enough. #ScottBessent

@jolyonThe U.S. Treasury is actively working to halt the rise in bond yields, but David Lin suggests Washington lacks the necessary power to control such a vast market. Treasury Secretary Scott Bessent has doubled the size of planned bond buybacks, moving from $2 billion to $4 billion for each operation. This adjustment signals that officials are ready to intervene with greater aggression. However, yields dropped for just a single day before climbing straight back up. The issue comes down to scale. The Treasury market is valued in the tens of trillions of dollars. In that context, a $4 billion intervention acts as little more than a signal. If yields continue their upward trajectory, the fallout will reach far beyond Wall Street. Mortgages, corporate borrowing, and government debt servicing all become more expensive when yields rise. Lin warns that higher debt costs could push governments toward more aggressive tariffs, trade wars, and foreign-policy decisions. Nations may take these steps to protect their economies when financial pressure limits their available options. Meanwhile, the dollar remains the dominant global safe haven. Yet central banks are accumulating more gold, and countries are increasingly seeking ways to bypass a dollar-based system. Then there is the Iran war. Lin argues this conflict has exposed a critical vulnerability: energy infrastructure is remarkably easy to disrupt using cheap drones. Refineries, pipelines, and shipping lanes can all become targets. This dynamic creates a much larger problem for an already fragile global economy. Consequently, the biggest risk may not be a sudden financial collapse. It could be governments gradually losing room to maneuver while markets become unwilling to listen. The Treasury can announce bigger interventions, but the bond market can simply decide they are not enough. #ScottBessent