Bessent Concedes Bond Market Defied 'I Am the House' Warning
Treasury Secretary Scott Bessent has softened his stance on U.S. bond markets after his previous aggressive rhetoric failed to curb rising yields. In a recent Axios interview, Bessent admitted he cannot control the bond market, a notable shift from his earlier declaration that 'I am the house now.' This concession follows a sharp sell-off in U.S. government bonds, where 10-year yields jumped nearly 50 basis points. While Bessent previously challenged investors to bet against him, he now emphasizes that he 'trusts the process' and that in bond markets, 'you win over time.' The shift in tone reflects the reality that the Treasury's attempts to suppress yields through buybacks and verbal pressure have not prevented the 10-year yield from reaching its highest level since 2007.