INFORMANT

TRANSCRIPT

The Operator: China is building out its Cross-Border Interbank Payment System as a hedge against U.S. sanctions on banks aiding Iran, according to CNBC Markets. U.S. Treasury Secretary Scott Bessent warned that Chinese institutions facilitating transactions for Tehran risk being cut off from the American financial system.

The Operator: Meanwhile, sources tell CNBC Markets that Treasury Secretary Bessent has built up the Treasury General Account to approximately $950 billion. That balance could be tapped to fund increased purchases of government bonds, following a recent decision to some number the bond buyback program to at least $4 billion daily.

The Operator: This is THE WIRE. Quiet days are exactly when you should get suspicious; hype is a rendering error — the tape has no soaring and no crashing, only prints.

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