Fed, Inflation, and Macro Crosscurrents

Bond yields snapped back after Bessent comments on buybacks. New analysis frames Bessent's bond buyback and yen intervention as 'soft-form financial repression' to manage $40T debt, warning of dollar weakness and debasement trades (gold, bitcoin). Retail earnings (Home Depot, Target, etc.) beat, confirming consumer resilience. Flash US PMI at 56, fastest since April 2022. Oil gains on Iran measures. Jackson Hole symposium (Warsh debut) and PCE data this week. Bitcoin above $79k, gold surging – debasement trade. Correction risk highlighted by technicals. New: Another market preview highlights US-Canada trade tensions. New: Oil slipped awaiting US details of Iran sanctions – incremental to existing oil/Iran narrative.