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The $32 trillion US Treasury market is where fiscal credibility faces its most direct test, priced in real time by investors willing to sell when they lose confidence in the government's finances.
Against that backdrop, Treasury Secretary Scott Bessent has moved to buy more long-term US debt, placing himself on the other side of the bond vigilantes who have applied pressure at the longer end of the yield curve.
Wall Street's read on the strategy is blunt.
Investors described the approach as a "band-aid on a bullet hole." The phrase, attributed to Wall Street market participants, is a compact argument that demand-side buying does not address the source of the pressure.
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