Treasury Secretary Scott Bessent’s buyback of long-term bonds was a bit of a letdown this week — the interest rates barely budged. The Treasury’s next move in its quest to rein in the national debt will be to issue a ton more short-term securities. But that might not be such a good idea, either. In this episode, we’ll catch you up on the bond market turmoil. Plus: Multifamily construction permits are a housing bright spot, the Fed’s favorite inflation measure is due for a methodology change, and two craft-focused small business owners share the view from their economy.

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Read the stories in today’s episode:

• "Buying a house with a credit card": The Treasury's plan to finance the national debt
• The Fed's preferred measure of inflation is changing
• As central bank bigwigs gather in Jackson Hole, local businesses carry on
• Builders bet on multifamily housing — but only in certain places