Raymond Zucaro watched the Treasury step into its own market today and reached for a medical chart:
"like a doctor trying to treat the symptom and not treating the disease"
The arithmetic is brutal.
2 billion in buybacks against roughly 60 billion of fresh debt added in a single day, and the dollar still slid a percent on the signal alone.
His warning: if the index drifts from 98 toward 85, America imports its own inflation, because oil is priced in the currency Washington keeps diluting.
He also answered the "yields were higher in 1981" comfort directly.
True, 13.9% then, but debt was 30% of GDP and servicing it cost 2%.
Today the stock of debt is the largest in history and the service bill tops 3.25% of output.
The rate was never the problem. The pile is.
Then the JPMorgan report he read aloud: Hormuz disruption plus El Niño pressuring fertilizer and food into 2027, and oil at $100 pushing 45 million more people into food insecurity.
@WeTheBrandon @RayZucaro
