Hello, Haymakers:
Life is full of ironies and one of the most ironic is what’s happening to Treasury Secretary Scott Bessent. As discussed in yesterday’s Daily, he’s in a major tussle with the long-term Treasury Bond market as he attempts to keep yields from ripping higher.
The irony stems from his much ballyhooed plan during the early months of the Trump administration to achieve a 3% real GDP growth rate, three million barrels per day of increased oil production and, most relevant to this note, a 3% budget deficit.
Unfortunately, the administration has achieved none of those objectives.
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