Bessent Concedes Bond Bears Can Win as 10-Year Treasury Yield Holds Near 5.24%
Updated
Updated · The New York Times · Oct 4
Bessent Concedes Bond Bears Can Win as 10-Year Treasury Yield Holds Near 5.24%
3 articles · Updated · The New York Times · Oct 4
Summary
Scott Bessent said investors betting against him can win "a few hands," softening his September claim that he was "the house" in the U.S. bond market.
The shift follows a sharp rise in Treasury yields: the 10-year note hit 5.34% last week and was still around 5.24%—its highest level since 2007.
Bessent blamed the move on higher global oil prices tied to the war in Iran, arguing the selloff was not a U.S.-specific loss of confidence in Treasuries.
He said he cannot control the bond market, even as the Treasury has bought back longer-dated bonds and intervened to support the yen to help contain yields.
Higher Treasury yields feed through to corporate and consumer borrowing costs, making the market's challenge to Bessent consequential beyond Wall Street.