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Adam Tooze questions whether the recent Treasury market intervention by Bessent, ahead of Jackson Hole, signals a new era of financial repression or intensifies a Treasury versus Federal Reserve conflict.
He compares these developments to the past disarray seen during Operation Epic Fury, suggesting current moves may have more in common with that turbulent episode.
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Tooze previously examined stress in the U.S. Treasury market, connecting current conditions to the turmoil of March 2020 in his analysis of Treasury market strains. In a separate report, he noted that major institutions such as Allianz Insurance expect significant macroeconomic impacts ahead, reflecting the industry's outlook in his coverage of institutional predictions. These earlier findings provide context for current concerns around official interventions.