The US Treasury's attempt to calm the bond market is backfiring, which is bad news for borrowers, the dollar, and American shoppers already stretched thin.

• Treasury Secretary Bessent's bond buybacks were meant to push long-term rates down, but investors dumped long bonds instead and yields quickly climbed back up.
• Trump paused a planned 50% tariff on Canada and cut auto tariffs, a sign Washington cannot risk more inflation right now.
• His push to choke off Iran's oil money now threatens banks that help Iran, and China has flatly refused to stop buying Iranian crude.
• China's oil imports jumped sharply in July, and its grip on rare earths gives Beijing a card the US cannot match for decades.
• Walmart's sales growth fell to a six-year low and its stock dropped 10%, as high gas prices leave people with less to spend on everything else.

Outlook: Expect a weaker dollar and more money printing to hold rates down, keeping inflation high while gold, stocks, and Bitcoin climb.