Can Waller Save US Treasuries Tonight? Or Will It Decide the Fate of the AI Bull Market

Bank of America warns that long-end Treasury yields are dominating the global bubble, becoming the "Achilles' heel" of the AI bull market. Tonight's Jackson Hole meeting is a critical moment for interest rate control. Waller's "playbook for success" is to achieve a bull-steepening of the yield curve—by sending a credible hawkish signal on inflation to anchor the short end, while signaling dovishness to the long end, providing support for the Treasury's buyback program. If it fails, global assets will face a sharp repricing.