August Turmoil: Bessent Intervenes, Policy Bottom Card Quietly Revealed

The U.S. Treasury Secretary intervened in the bond and FX markets, signaling a "preference for currency depreciation over bond market collapse" to underpin nominal growth, bringing assets like gold and Bitcoin back into focus. Meanwhile, the AI narrative is accelerating its shift from the "buildout phase" to the "adoption phase." The market is currently witnessing rare divergence, with the AI rally running parallel to declines in non-AI assets, as capital fiercely vies to identify the true beneficiaries.