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...
Tag: US debt
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...
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 Administration Has a Market Problem and No Policy
There is a certain irony in watching Scott Bessent fight the bond market. The Treasury Secretary built much of his career alongside George Soros and...
If Bessent Caps Yields, the Dollar Will Pay
Scott Bessent is discovering the limits of financial engineering. After doubling planned buybacks of long-dated Treasuries, the US Treasury Secretary is now promising a new...
Bessent Is Trying to Control the Price of America’s Debt
Scott Bessent has spent much of his career believing that markets send information. As Treasury Secretary, he is increasingly trying to change the message. Washington...
Who Will Buy America’s Long Bond?
The most important question in the US Treasury market is no longer whether the Federal Reserve will raise rates again. It is who will buy...
Trump’s “Big Beautiful Bill”: A Tax Cut, a Spending Spree, and a Warning Sign for the Dollar
The U.S. House of Representatives is barreling toward approval of President Donald Trump’s flagship tax and spending plan, a colossal, hastily assembled legislative cocktail that...