? It’s hard not to reference Bessent’s foray into a fiscal “Operation Twist”. Our second special study today looks at what happened to the 10-year the last time the Fed did it’s “Operation Twist” from Sep ’11 to Dec ’12. While the 10-year did initially rise in the operation’s early days, the “Twist” eventually succeeded in capping and to a certain extent lower yields over the operation’s total timeframe. Tempering yields can keep the debt cycle going and help continue the A.I. infrastructure build-out. Continued spending, both by A.I. companies and the federal government will stoke nominal GDP. But make no mistake…