Treasury Secretary Bessent said he agrees with Fed chair Kevin Warsh on bond issues and that the 10-year Treasury yield has been essentially flat since Trump took office. He said he has never tried to move bond markets, does not believe the government can change bonds' equilibrium price and will not speculate on the Fed's next step. He described core inf as still moderate and said the Fed traditionally does not raise rates in response to supply shocks. Bessent said he has not yet bought any bond

Treasury Secretary Bessent said he agrees with Fed chair Kevin Warsh on bond issues and that the 10-year Treasury yield has been essentially flat since Trump took office. He said he has never tried to move bond markets, does not believe the government can change bonds' equilibrium price and will not speculate on the Fed's next step. He described core inf as still moderate and said the Fed traditionally does not raise rates in response to supply shocks. Bessent said he has not yet bought any bonds and is working with the budget office on a fiscal consolidation plan. He added the Treasury buyback program could make the US the world’s top bond market and that hedge fund managers favor accelerating the process. After Stanley Druckenmiller’s recent op-ed, Bessent said he spoke with him and believes Druckenmiller lost money that day. Fitch has reaffirmed the US credit rating.