Ben and Tom discuss Scott Bessent's expanding influence across the administration as the Treasury doubles the maximum size of its long-bond buyback operations from $2 billion to at least $4 billion effective September 9, a move Tom explains functions as the reverse of quantitative easing since it uses already-borrowed cash to repurchase bonds now trading below where they were issued, Trump announcing unprecedented economic warfare against Iran in remarks that echo language Bessent used a week earlier, Walmart falling 6% as tariff refunds get redirected into price investments and underlying margins soften even as headline results beat, and John Deere rising 2% on construction strength while Big Ag remains pressured by financing, fuel, and fertilizer costs.
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