Here is how Bessent's Treasury QE works: - Step 1: Bessent issues UST bills. - Step 2: The Fed prints money to buy them. - Step 3: Bessent uses the proceeds to buy long-term USTs. They don't call it QE because the Fed doesn't intervene directly in the long end... Meanwhile the Fed is buying UST bills at a faster pace than during Covid. This QE -> ONLY SAVE GOV - support UST nothing else is objective. let' see where early spillover goes as foreign entity dumb in this final window. everything moved UP - Q which ones will hold n last