Historic intervention is coming. Despite several announcements by the US Treasury about imminent intervention, yields still won't fall. This includings doubling buybacks to $4+ billion per operation and the Treasury considering using its $950 billion General Account for these purchases. Reports now state that US Treasury Bessent "will do whatever it takes" to lower yields. In addition to buybacks, this could include selling short-term debt, possible elimination of long-dated bonds, and more. Meanwhile, on Friday night, President Trump even said that he could use the US Military to lower yields, though it is unclear exactly how he would do so. The reality is that the Fed cannot cut rates in this environment and the Trump Administration knows this. So, direct bond market intervention is the only solution to drive interest rates and yields lower over the short-run. Our view? Don't fight the Treasury.(The Kobeissi Letter)