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Bessent Defends Treasury Intervention Amid Bond Sell-Off. Democrats Question Trump's Economic Comeback Claims.
Bessent said the yen support and bond buying helped U.S. exporters and market stability as Democrats pressed him on borrowing costs.
- On Tuesday, Treasury Secretary Scott Bessent defended the Trump administration's economic record and market interventions during a combative House Financial Services Committee hearing as Democratic lawmakers challenged his policies.
- Rising Treasury yields, which traded around 5% Tuesday and briefly reached their highest level since 2007, prompted scrutiny as 30-year mortgage rates recently climbed above 7%.
- Bessent defended a joint currency intervention with Japan to strengthen the yen at a "modest" cost, arguing, "There was the counterfactual of what it would have done" regarding recent bond auctions.
- Rep. Ayanna Pressley questioned Bessent's integrity, while Waters told the secretary, "Despite your feeble efforts, there continues to be a sell-off of U.S. Treasuries," as protesters disrupted the proceedings.
- Debates expanded to national security and artificial intelligence, with Bessent warning against regulatory capture by large firms, while crude oil prices above $100 and the federal deficit remain key concerns for American consumers.
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13 Articles
13 Articles
US Treasury Secretary Scott Bessent urges the Bank of Japan to raise interest rates. Thus, he wants to reduce the pressure on US bond rates. However, even if the BOJ is likely to follow him, his problem remains.
·Düsseldorf, Germany
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With a kind of "Whatever it takes", the US finance minister warned speculators of further bets against the yen. With the next interest rate step, the bank of Japan wants to succumb. Is that enough to strengthen the yen again?
·Frankfurt, Germany
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Total News Sources13
Leaning Left1Leaning Right3Center2Last UpdatedBias Distribution50% Right
Bias Distribution
- 50% of the sources lean Right
50% Right
L 17%
C 33%
R 50%
Factuality
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