Odd Lots · Thursday, September 3, 2026
Stanford professor Daryl Duffy asserted that even the U.S. Treasury Department lacks the power to dictate bond yields if markets are determined otherwise. He drew parallels to historical interventions, including the attack on the British pound in 1992, suggesting that governments are not powerful enough to control these market trends with their own resources.
“Well, even the mighty US Treasury Department is not as powerful as bond markets when it comes to setting yields.”
“So my impression, maybe I'm reading too much between the lines, is that Secretary Besson wanted the market to understand that the Treasury Department wasn't just going to sit there idly and take that.”
“So a lot has changed.”