Oaktree Capital co-founder Howard Marks stated in his latest memo on Tuesday that the uncontrolled fiscal discipline in the U.S. is the fundamental reason for rising long-term interest rates, and that market intervention measures such as the Treasury's expanded long-bond buybacks are merely "treating the symptoms, not the disease." He emphasized that the current U.S. fiscal deficit, at approximately 6% of GDP, is an abnormally high level during an economic boom. He also noted that sticky inflation and the massive capital demands for AI infrastructure construction are jointly pushing up long-term interest rates. Marks believes the true solution lies in increasing fiscal responsibility, rather than market manipulation, and cited Warren Buffett's view that the U.S. fiscal deficit is unsustainable.