Bessy is a slow escalator and it seems his cadence as of late is rolling out plans in 2 week cycles (EOM July Euro sell for JPY buy, mid-August buyback announcement, late-August Warsh, early/mid-Sept $6 BB) think he and warsh really care about mkt feedback systems & so given that 30Y treasury auction later today will likely disappoint - admin goals here on affordability (long end for mortgages, oil for what is consumer facing) are within p95 of being irrecoverable calling for a next stage of intervention is a futile exercise but if there were a time to go draghi mode (“whatever it takes”) it is likely soon, and in Sept the challenge is the trickiness in timing. he may want to wait until after FOMC toward BB#2# after he made Warsh’s job harder than it had to be by intercepting b4 Jackson Hole. just really depends on if he feels like he needs to be proactive and dictate the pace my view is that he has one bullet left. and it’s going to be big. danger in waiting too long is that mkt might continue to veer off, smth breaks, and last week of Sept doesn’t give enough time to fix things in a month ahead of middy’s. big week