Bessent Defends U.S. 10-Year Bonds as Yields Rise Less Than 5 Peers
Updated
Updated · The New York Times · Sep 22
Bessent Defends U.S. 10-Year Bonds as Yields Rise Less Than 5 Peers
3 articles · Updated · The New York Times · Sep 22
Summary
Scott Bessent told Congress the United States had the developed world’s best-performing bond market, measuring success by how much 10-year Treasury yields rose versus Britain, Germany, France, Italy and Japan.
Since Trump’s second term began, the 10-year Treasury yield increased less than those five peers’ comparable yields, according to a senior Treasury official explaining Bessent’s claim.
Longer-term Treasury yields are still near a two-decade high, pushing bond prices down and keeping borrowing costs elevated for retirees holding bonds and home buyers seeking mortgages.
More recent comparisons weaken the boast: Germany has had the best-performing bond market this year, and Japan saw the smallest rise in yields in the month before Bessent’s Sept. 14 remarks.
Across a wider set of countries, U.S. bond performance looks mixed, even if Treasuries have broadly held up better than most peers since Trump returned to office.