It's on purpose. I think the argument that they're trying to get people out of stocks and into bonds is probable.
Discussion
I think that is Bessent's idea, yes.
Trump is clueless and emotional. He actually believes tariffs are a good idea, but gets push back from banks, friends, company leaders, and backs off.
It's also not working anymore it seems. After the early flash crash, 10year has stabilized.
Temporary pain for better things later. I don't see emotional flailing, I see a calculated plan being put into action.
It's nonsensical. There is no better things coming, as the federal government will not stop the money printer. It's fake.
They will spend more, they will print money.
It is a bandaid in order to try to get lower rates tonrefi some debt. Markets don't care.