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The Bond Vigilantes like Scott Bessent, who was nominated to be US Treasury Secretary by Donald Trump yesterday. Their vote of confidence was reflected in the 10-year US Treasury bond yield, which fell to 4.28% from 4.42% at the end of last week. We like him too. We are looking forward to having him in the Trump administration working hard to make our Roaring 2020s scenario great.
Earlier today, we were forwarded a link to a report dated January 31, 2024 written by Bessent to his partners in the Key Square Capital Management hedge fund. He endorsed our base case scenario for the rest of the decade as follows:
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