The 1951 Treasury / Fed Accord was the divorce. It ended the wartime rate peg and put Fed policy back on its own side of the street from Treasury financing. Warsh has asked for a successor on the balance sheet. Bessent has already named the long-end buybacks a “Treasury twist,” after the 1961 operation in which Treasury issued short debt and the Fed bought long bonds. What do they say about history and rhymes ? Brent and Michael’s Disparate Housewives treats that coordination, plus the bill purchases and the cash account, as a wedding between the two houses, willingly or with a shotgun. Those who criticise either Bessent or Warsh haven’t sat the table and looked at their cards they’ve been dealt . 2027 is going to be crazy