It has the feel of a new Plaza Accord and the opening phase of Bretton Woods 2.0. The end of QE and the coming end of the yen carry trade mean capital markets, not central banks, will increasingly set rates. Wall Street keeps labeling every rise in the long end as “inflation risk,” but that is intellectual laziness. That is another reason the long end is moving. Bessent is starting that process, but central bankers and Wall Street still need to abandon the Keynesian dogma that treats rise in the long end as an inflation scare!