Scott Bessent’s bid to tame US borrowing costs knocked down long-term yields for barely a day. The more lasting market signal: the dollar weakened while gold and Bitcoin rallied, reinforcing a debasement trade fueled by swelling US deficits and concerns over the direction of US economic policy.
Source: [Bloomberg Markets](https://www.bloomberg.com/news/articles/2026-08-21/bessent-s-bond-maneuvers-giving-global-debasement-trade-new-life)