Agree. If the Fed wanted bond yields to enforce any discipline they wouldn't have opted for the most flaccid version of QT in 2022 (roll-off vs outright sales). They went with soft balance sheet policy and Treasury has spent multi years consecutively neutering much of their potential tightening effects via heavy bill issuance. It's hilarious that Bessent declares yields don't represent fundamentals when the whole of govt has been working to ensure they don't for years now. Yea bud, we know. Mission accomplished on that front lol.(𝐓𝐗𝐌𝐂)