Treasury intervention could revive the debasement trade

The debasement trade may be setting up for another major move.
Treasury's latest effort to contain long-term yields adds a new catalyst: investors could increasingly worry that policymakers are prioritizing lower borrowing costs over currency strength.
That matters because the debasement trade is ultimately driven by confidence.
If markets believe debt burdens are becoming large enough to require increasingly aggressive intervention, demand can shift toward assets viewed as protection against declining purchasing power.
$BTC, gold and other scarce assets could become key beneficiaries if that narrative strengthens.