Bessent will testify at 22:00 before the House Financial Services Committee on
the state of the international financial system. With the 10-year Treasury yield
above 5%, markets will key off any new signals on fiscal policy, Treasury
issuance and buyback plans, debt management, and the outlook for the dollar and
interest rates. Remarks emphasizing deficit control or steps to stabilize the
bond market could ease upward pressure on the long end; signals of fiscal
expansion or tolerance for higher rates would risk further yield gains and
likely prompt moves in the dollar, gold, US equities and other risk assets.
