The article examines possible market effects of US Treasury Secretary Scott Bessent's appointments of David Zervos and Judy Shelton as advisers. It discusses the Treasury's unsuccessful effort to lower long-term yields through buybacks and short-term bill issuance, and considers the potential for unconventional policy proposals to affect bonds and commodities.
Changes in Treasury issuance or interest-rate policy could shift yields and the dollar, changing financing conditions and the relative appeal of dollar-priced commodities. The article describes possible future effects rather than a current supply or demand change.
After 4,478 past macro events, US Dollar (Broad) moved a median +0.0% over 5 sessions (51% higher; middle half -0.4% to +0.5%), and +0.1% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.