I keep being surprised these sorts of statements don't seem to panic the market folks. I assume it is because the Smart Market Guys assume that they and Bessent are 'in on the joke' so to speak, unlike the 'rubes' who will be fooled by this line. But, like...maybe you are the rubes? - ThreadSky

bretdevereaux.bsky.social • 24 days ago

I keep being surprised these sorts of statements don't seem to panic the market folks.

I assume it is because the Smart Market Guys assume that they and Bessent are 'in on the joke' so to speak, unlike the 'rubes' who will be fooled by this line.

But, like...maybe you are the rubes?

Reposted from FinTwitter

BESSENT: OTHER COUNTRIES' CURRENCIES RISING, NOT DOLLAR FALLING

Comments

edgarageous.bsky.social•24 days ago

I've read that the "smart money" is fleeing and US retail buyers ("dumb money") are keeping the major indices afloat

sassy-molassy.bsky.social•24 days ago

I’m starting to think that maybe the number of masters of the universe on Wall St is much smaller than I was led to believe.

mcjambro.bsky.social•24 days ago

His explanation is absurd. He might have well said "fck you losers" to us.

idlebyzantine.bsky.social•24 days ago

I feel like that would require a lvl of self reflection that those dudes just do not have

seanmac31.bsky.social•24 days ago

Judging by their voting habits, they are definitely the rubes.

lexaproluthor.bsky.social•24 days ago

Volatility is bad for The Market, but the biggest market movers thrive off of it. And why wouldn't they? With the guardrails against insider trading shredded, there's much more money to pump from continual fluctuations than from consistent growth.

spatch1003.bsky.social•24 days ago

As someone who works in the finance industry, there were way too many people who came into this year thinking there was a master plan for tax cuts and deregulation. A large number have now woken up to the fact that these guys are idiots (I see more and more people making fun of Bessent and Lutnick).

spatch1003.bsky.social•24 days ago

This leaves the obvious question: why is the market up? Market data shows that professional investors are nervous and hedge funds have taken off a lot of risk. The only thing that makes sense is the flow of retail money going into passive and buying the dip is keeping prices up.

disheveledyoshi.bsky.social•24 days ago

A lot of it has been purely technical (massive option flows and short covering into opex). But still, yes, this is the million dollar question:

When will the market look like a market in panic?

bretdevereaux.bsky.social•24 days ago

(Currency values only move relative to each other. Bessent's statement could equally be read to say, "the only reason the dollar seems to be falling is that it is falling." If other currencies are rising relative to the dollar, then the dollar is falling. That's how this works.)

skybrian.bsky.social•24 days ago

I'm guessing markets have already priced in that nobody intelligent is at the wheel, so dumb mistakes like that aren't news anymore. Markets are reacting to more specific threats:

https://www.cnn.com/2025/05/23/economy/trump-eu-tariffs

brienmcmullen.bsky.social•24 days ago

We need to teach relativism.
It keeps coming up.

apophis426.bsky.social•24 days ago

chuck norris does not jump, he kicks the earth and the rest of the entire universe away from him

ishkur.bsky.social•24 days ago

Analogy I use is: You're floating in deep space and you only see one point of light and it's getting bigger. Are you moving or is the light? Or are both moving?

The answer to all 3 questions is yes. It's a distinction without a difference. Motion, like time, distance, and yes currency, is relative.

menger-spongebob.bsky.social•24 days ago

that the trump admin would say something idiotic like this is no longer surprising. it isn't new information so there is little reason for the market to update now, beyond the sharp increase in bond yields we have seen already.

menger-spongebob.bsky.social•24 days ago

also it's now reasonable to expect any outrageous economic things they do to be mostly walked back within a couple of months. the reaction to the announcement of 50% eu tarriffs seems fairly muted compared to early april

emerald27.bsky.social•24 days ago

The boy who cried ‘wolf.’

szielins.bsky.social•24 days ago

Perhaps "Sell America" days--stocks dropping while Treasury bond rates rise--ARE the sort of thing that would have been described as "panic" under Bush, Obama, or Biden. I also think the market prices in a reality: Bessent's takes are a guy nattering as Trump's policy slews wildly all over the map.

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