Failed Treasury intervention will lead to dollar debasement and risk asset decline

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If Treasury Secretary Bessent's 'operation twist' or other market interventions fail to bring the 30-year yield below 5%, it will result in a US dollar slump, a de-based dollar, an increase in gold prices, and a broad decline in risk assets, including AI hyperscalers, private credit, and financials, particularly leading up to the midterms. This scenario is exacerbated by concerns over Fed independence and the potential failure of coordinated US-Fed responses, shaking the historical belief in the