Few investors purchase or hold 30-year Treasury bonds unless required. Only a select group seeks exposure to very long-duration, risk-free assets, and once their needs are satisfied, demand largely fades. With all due respect, Secretary Bessent served as an analyst in the London office when Soros and Druckenmiller famously challenged the Bank of England, and it’s unclear whether he fully grasps the implications of what I wrote in the first paragraph.