The Gunfight At DOGE City

The Bond Vigilantes aren’t saddling up just yet, but they’re on high alert, Ed reports. They’re watching to see whether anti-DOGE gunslingers will cripple the new federal department or whether DOGE will root out sufficient government inefficiencies to enable Trump 2.0 to slow the budget deficit’s growth and proceed on its tax-cut plans. The stakes are high for the US economy and financial markets, as the Bond Vigilantes have never carried more firepower in their holsters. Fortunately, Treasury Security Bessent is keeping the administration mindful of that. … Also: Eric puts January’s retail sales report in sanguine perspective and discusses industrial production data suggesting a rolling recovery in US manufacturing. ... And: Dr Ed reviews “September 5” (+ +).