Good post from Andy. While a lot of observers want you to believe the yen actions taken recently and Bessent's jawboning about FIMA represent a desperate act to save the bond market and implement stealth yield curve control, the reality is that Japan has plenty of resources to defend their currency without dumping long term bonds. And even if they ever used FIMA facility at the Fed, it would merely be a short term loan paid back at the overnight financing rate and not much of a stimulus to assets. The plumbing matters. Bessent's rhetoric seems more useful as public pressure on the new Fed chair from the perspective of Treasury (as he has frequently done) than anything mechanical with the bond market.(𝐓𝐗𝐌𝐂)