Forget the Fed put. Meet the Bessent put.

Treasury Secretary Scott Bessent is implementing a "Treasury twist" strategy to cap rising bond yields and protect consumer borrowing costs. By signaling a willingness to increase long-term Treasury buybacks beyond the initial $4 billion target, Bessent is issuing a "warning shot" to the market, leveraging his background as a market participant rather than an academic to influence investor sentiment. Despite these interventions, the $40 trillion debt market remains pressured by fiscal concerns, prompting the administration to prepare executive actions for fiscal consolidation on both revenue and spending sides. While the 10-year yield has climbed to 4.70%, the equity market remains resilient, decoupling from traditional bond market signals. This bull run is expected to persist as long as double-digit earnings growth, stable profit margins, and labor market strength continue to offset volatility and higher interest rates.