Bessent’s 10-Year Yield Obsession Upends Wall Street Predictions
Treasury Secretary Scott Bessent last month unveiled plans to keep sales of longer-term debt unchanged for the next several quarters.
Photographer: Stefani Reynolds/BloombergThis article is for subscribers only.
Treasury Secretary Scott Bessent can’t stop talking about 10-year bond yields. In speeches, in interviews, week after week, he states and restates the administration’s plan to push them down and keep them down.
Some of this is normal — keeping government borrowing costs in check has long been part of the job — but Bessent’s fixation on the benchmark US note is so intense that he’s forced some on Wall Street to tear up their predictions for 2025.