Why I’m Selling Dollars

Thoughts on the Market by Andy Krieger

August 24, 2026

I may have had a quiet week traveling with my family, but the boys in Washington have certainly been active. Treasury Secretary Bessent has made it clear to the world that the administration is uncomfortable with the yield on thirty-year U.S. Treasuries pressing levels not seen since 2007, on the eve of the Great Financial Crisis. His strategy, however, is one I view as risky, with potentially frightening long-term repercussions for the U.S. and the global economy -- though I'll say up front that not everyone reads it that way, and I'll try to give the other side its due. I will also address the tense negotiating posture of the U.S. with its long-term friend and ally, Canada. Unfortunately, the outcome of these negotiations can result in real damage and pain for citizens of both nations. Let's dig in.

In case you’ve been asleep for several months, you are likely aware that major