Bessent spent his career reading the mechanical forces that move markets — not predicting direction, but positioning before the machinery fires.

As Treasury Secretary, he's doing the same thing from the other side. Sanctions waivers, buybacks, eSLR reform, rate checks — each one reshapes how markets react to the next shock.

The concept that ties them together comes from options markets. New on Gyokuro:

https://gyokuro.dev/en/posts/gamma-secretary/

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