Trump denies directing Bessent to intervene in bond market
This digest was compiled by AI from multiple sources — links to the originals are below.
U.S. President Donald Trump said on Friday he did not direct Treasury Secretary Scott Bessent to intervene in the bond market this week. Bessent acted on his own authority based on his understanding of the issues, Trump told reporters. The Treasury chief's surprise announcement on Wednesday had triggered a decline in bond yields that was largely unwound by Friday.
Key Facts
- Trump said he did not direct Treasury Secretary Scott Bessent to intervene in the bond market this week.
- Bessent announced on Wednesday the government would spend double the expected amount on bond buybacks.
- By Friday, the declines in bond yields triggered by Bessent's announcement had largely been unwound.
- Long-term Treasury yields recently spiked on concerns about rising U.S. government debt and inflation above the Fed's 2% target.
Trump's Denial
U.S. President Donald Trump said on Friday he did not direct Treasury Secretary Scott Bessent to intervene in the bond market this week. "No, not at all," Trump told reporters when asked if he directed Bessent to intervene. Trump said Bessent acted on his own authority based on his understanding of the issues. "He's a very capable man. He wanted to do it. He's very good at it," Trump said.
Treasury Buyback Announcement
Bessent said on Thursday the government could further increase its Treasury repurchases after a surprise announcement on Wednesday that it would spend double the expected amount on bond buybacks. Bessent is a former hedge fund manager with extensive experience in sovereign debt and currency markets. By Friday, the declines in bond yields triggered by Bessent's announcement had largely been unwound.
Market Reaction
Long-term Treasury yields recently spiked on concerns about the U.S. government's rising debt, inflation that remains stubbornly above the Fed's 2% target and the implications for investment flows.
2 sources
Trump denies directing Bessent to intervene in bond market
