The Bond Market Is Doing the Central Banks’ Job
For months, investors have asked how far central banks will raise rates to contain inflation. The bond market may now be answering the question for...
Tag: Scott Bessent
Growth Is Not a Fiscal Strategy
Scott Bessent believes America can grow its way out of its debt problem. The bond market wants more evidence. The Treasury Secretary argues that the...
The Treasury Market Has Stopped Waiting for the Fed
US Treasury yields surged, with the five-year yield breaking above 5% for the first time since 2007 and the 10-year reaching roughly 5.13%. The move...
No, Mr Bessents: Hormuz Is the Infrastructure the Gulf Cannot Replace
Scott Bessent believes the Strait of Hormuz could become almost irrelevant within two years. Qatar disagrees. The argument matters because it goes to the heart...
Japan Raised Rates. The Yen Still Doesn’t Believe It
Japan raised interest rates. The yen fell. That tells us almost everything we need to know about the Bank of Japan’s problem. The BOJ increased...
The Fed Has Become Bessent’s Biggest Problem
Scott Bessent’s strategy was built for a different interest-rate environment. The idea was relatively straightforward. Reduce the pressure on the long end of the Treasury...
Five Percent Is Where Washington Loses Control
The US 10-year Treasury yield is approaching 5%. That number matters less because it is round than because of what happens around it. At roughly...
The Tanker War Has Begun
The US-Iran conflict has crossed another threshold. The battlefield is no longer only the Strait of Hormuz. It is the tankers themselves. American forces struck...
Bessent’s Real Opponent Is the Global Price of Capital
Scott Bessent wanted to slow the rise in American borrowing costs. The market gave him about two weeks. The US 30-year Treasury yield has returned...