All articles tagged with #bessent
Treasury Secretary Scott Bessent defended last week’s intervention in the U.S. bond market before the House Financial Services Committee, saying the buyback helped cap rising yields even as the 10-year Treasury topped 5%—its highest in about 19 years—while portraying the Trump-era economy as delivering gains despite public concerns about prices and inflation, and pushing back on Democrats’ living-cost criticisms.
Treasury Secretary Scott Bessent testifies before the House Financial Services Committee on the state of the financial system, with lawmakers likely to press on the swelling U.S. debt (now over $40 trillion), the Iran war’s impact on energy prices, and a volatile bond market as the 10-year yield pushes above 5% ahead of a Federal Reserve meeting.
Treasury Secretary Scott Bessent testifies before the House Financial Services Committee on IMF oversight and global finance, while lawmakers press him on inflation, energy costs, interest rates, and the national debt. The administration will highlight wage gains for lower-income Americans and sanctions on Iran amid rising oil prices and ongoing debate over Fed policy.
Treasury Secretary Scott Bessent's move to tamp down a market fever with a $6 billion buyback of 10- to 20-year Treasuries backfired, as yields jumped to about 4.85% on the 10-year (the highest since Nov. 2023) and longer maturities rose to around 5.3%, with the Nasdaq and S&P 500 lower at midday, highlighting doubts about the government's ability to defend prices.
Treasury Secretary Scott Bessent told Fox & Friends that Ukraine's attacks on Russian energy assets are contributing to a global energy shock and higher U.S. gas prices, a claim that drew sharp criticism from pundits and appeared at odds with the administration's push for tougher sanctions on Russian oil and gas.
Treasury Secretary Scott Bessent defended expanding the government’s debt repurchases, pushing back on Stanley Druckenmiller’s claim that the move was a mistake. He argued the U.S. bond market has performed well since Trump took office and stressed policy should be guided by fundamentals rather than liquidity tools, noting the buyback could exceed $4 billion as yields react to the move.
Treasury Secretary Scott Bessent uses the G20 finance meetings to reassure partners the US can manage its massive debt without destabilizing markets, while pressing for tighter Iran sanctions; most decisive talks will be private on bond-market dynamics, currency moves and faster, more transparent sovereign-debt restructuring amid elevated yields.
Billionaire investor Stanley Druckenmiller acknowledged that his Wall Street Journal op-ed criticizing Treasury Secretary Scott Bessent’s bond-market interventions was written with artificial intelligence. The admission, supported by AI-detection tools, has intensified the debate over AI’s role in opinion writing, even as the WSJ editor defends the piece as Druckenmiller’s genuine view. Druckenmiller notes he used AI as a writing aid but maintains the message is his.
Prediction-market traders on Kalshi and Polymarket expect the 10-year Treasury yield to stay around current levels or rise in 2026 rather than fall significantly, despite Treasury Secretary Scott Bessent’s efforts. Kalshi traders assign a 56% chance the 10-year ends 2026 at or above 4.75%, with just a 27% chance above 5%; Polymarket traders put two-in-three odds on the yield crossing 4.8% at some point in 2026. With the yield near 4.7% mid-day and debt surpassing $40 trillion, along with buyback tweaks and potential use of the General Account, traders see any declines as likely temporary.
Oil prices fell about 2% in early Asian trading as traders lock in profits ahead of a new U.S. sanctions package targeting Iran that Scott Bessent labeled an 'economic D-Day.' The market reaction comes as Tehran signals mixed responses and authorities tighten control of Hormuz shipping; analysts warn that the measures could tighten Iranian exports if buyers are deterred, with CENTCOM noting vessel redirections and Iran warning that involvement could be an 'act of war.'
Treasury Secretary Scott Bessent signaled an activist market move to lower long-term debt costs by buying long-term bonds and financing the purchases with short-term T-bills, a plan to twist the yield curve. Analysts say the move undercuts Fed Chair Kevin Warsh's credibility and the Fed's independence, raising concerns about fiscal dominance and potentially higher borrowing costs for taxpayers despite some near-term yield relief.
Treasury Secretary Scott Bessent announced an expansion of long-term debt buybacks to at least $4 billion per operation (Sept. 9–Nov. 4) to ease a selloff in 10- and 30-year Treasuries. Markets briefly rallied, but yields soon drifted higher again, underscoring analysts’ view that the move is a limited liquidity fix rather than a cure for the broader forces pushing up long-term borrowing costs—inflation, deficits, and other fiscal and global pressures ahead of the midterms.
At a NATO summit in Turkey, President Trump secretly swapped from the old Air Force One to a smaller plane for security; Rubio and Scott Bessent stayed aboard the decoy Air Force One, with Rubio reportedly aware of an Iran-linked assassination threat and Bessent likely aware. The move was directed by the Secret Service and military and involved other aides on the smaller aircraft, underscoring the high-security nature of presidential travel.
Traders see US Treasury Secretary Scott Bessent’s moves as an effort to ease pressure on long-term yields, including currency intervention to support the yen, signaling openness to Fed tools and potential reductions in long-bond sales. Taken together, the steps aim to prevent further spikes in long-end borrowing costs amid inflation and large deficits, though the ultimate impact will hinge on inflation data and debt dynamics.
Bloomberg reports Treasury debt-management chief Scott Bessent has rebuffed Wall Street’s push to tweak the guidance on future U.S. debt sales, sticking with a bills-heavy funding path to curb long-term borrowing costs even as yields rise; while some banks warn of a widening funding gap into 2027–2030, most expect no near-term change before next week’s refunding auctions of about $58B in 3-year notes, $42B in 10-year notes, and $25B in 30-year bonds.