What a hyperbolic view from Goldman. No the bond market is not bidless. No Treasury hasn't "tapped" the TGA in any abnormal way. No Bessent didn't "take over" BoJ market operations, it was coordinated willingly. I can't find any evidence that Japanese policymakers were critical of Japan-US joint FX interventions. Despite what GS says, there are plenty of buyers for long duration US debt. Yes, they are demanding a higher clearing yield to buy that debt, which has many explanations which are not necessarily doom. Yes, the 5Y and 7Y auctions have been soft recently. But Treasury has sold roughly $109B of 10Y/20Y/30Y nominal bonds plus 10Y TIPS since the August 19th expansion of buybacks. And we’re about to get another $39B 10Y and $22B 30Y next week. That makes “almost nobody wants the 10- to 30-year debt the U.S. is trying to sell” an especially silly thing to say. This post reeks of overstatements and fear mongering from a desk that should employ people who know better or at the very least sound more mature and experienced.