Treasury Secretary Bessent's Market Challenge Unheeded by Bond Market

Summary

Treasury Secretary Scott Bessent's declaration of 'I am the house now' has failed to deter the $32 trillion bond market, which continues to push Treasury yields higher despite his efforts to stabilize markets amid Iran war turmoil and rising government borrowing costs. The 10-year Treasury yield surged to 4.93%, nearing the critical 5% mark, indicating the market is testing Bessent's resolve and rhetoric.