The Lifeguard Who Lost His Footing NEW
In a long-form interview from the Treasury’s Cash Room on March 13, a week before the worst single-session bond selloff of his tenure, Bessent compared himself to a lifeguard. Drowning people pull you under, he told the interviewer. Your goal is always to save them. For fourteen months he has had solid ground. When JGB yields spiked in January on fiscal fears around the Takaichi snap election, he called Tokyo and the stress faded within days. When the carry trade wobbled in January, a Fed rate check on dollar-yen was enough. Those problems originated in places he could reach. ...