US Treasury Secretary Sparks "Currency Debasement Trade" by Pressuring Yields Lower! Gold Hits Three-Month High, Bitcoin Surges Over 25% in a Week

Following Bessent's announcement to expand long-dated U.S. Treasury buybacks, yields briefly dipped before returning to elevated levels, yet this fully ignited the "currency debasement trade"—gold hit a three-month high, and Bitcoin surged over 25% in a single week. Concerns over the credibility of the U.S. dollar are intensifying, though some analysts note that money creation is the Federal Reserve's prerogative, casting doubt on whether this debasement trade can persist.