In all fairness, US Treasury Secretary Bessent was already behind the 8-ball before he started. The US is now running $2+ trillion deficits, spending over $1.2 trillion on annual interest expense, and fighting 60 consecutive months of 2%+ inflation. On top of this, oil prices have nearly doubled since the Iran War began, inflation expectations are surging, and the Fed went from rate cuts to discussing rate hikes. Taming the surge in yields is nearly impossible over the long-term, even for the US Treasury itself, without a structural shift in several of these fundamental drivers. Simply put, "free money" is only "free" for so long, and the world cannot handle $100+ oil prices on top of compounding inflation. As an investor, the only thing you can do is position yourself accordingly. That's exactly what we are doing.(The Kobeissi Letter)