Bessent Is Running the Show: Treasury Buybacks Double, Iran Squeezed | August 20, 2026 – Morning Market Briefing

Ben and Tom discuss Scott Bessent's expanding influence across the administration as the Treasury doubles the maximum size of its long-bond buyback operations from $2 billion to at least $4 billion effective September 9, a move Tom explains functions as the reverse of quantitative easing since it uses already-borrowed cash to repurchase bonds now trading below where they were issued, Trump announcing unprecedented economic warfare against Iran in remarks that echo language Bessent used a week earlier, Walmart falling 6% as tariff refunds get redirected into price investments and underlying margins soften even as headline results beat, and John Deere rising 2% on construction strength while Big Ag remains pressured by financing, fuel, and fertilizer costs.Join our live YouTube stream Monday through Friday at 8:30 AM EST:http://www.youtube.com/@TheMorningMarketBriefingPlease see disclosures:https://www.narwhal.com/disclosure