Bessent Blames Global Factors for Bond Yield Spike as Congress Scrutinizes Iran War and Inflation
Treasury Secretary Scott Bessent testified before the House Financial Services Committee on September 15, 2026, defending the administration’s economic record while attributing rising bond yields to global issues. The 10-year Treasury yield hit 5.04%, its highest level in 19 years, driven by surging oil prices from the Iran conflict and inflation concerns. Bessent emphasized strong wage growth and tax cuts, while Democrats pressed him on affordability and the Federal Reserve’s expected rate hike.
