U.S. Treasury Secretary Bessent Defends Trump Economic Policies and Announces Meeting With Chinese Official
U.S. Treasury Secretary Scott Bessent defended the economic policies of President Donald Trump during a House Financial Services Committee hearing, including interventions in currency and bond markets as well as AI safety measures. He also revealed plans to meet with his Chinese counterpart this weekend amid ongoing discussions between U.S. and China on Iran-related financial issues. Bessent addressed rising U.S. 10-year Treasury yields, attributing them to global factors such as higher oil prices, expectations of a Federal Reserve rate hike, AI spending competition for capital, and concerns over the fiscal trajectory. Despite efforts like doubling longer-term debt buybacks aimed at injecting liquidity into markets, bond yields have continued to rise. During the hearing, Bessent highlighted economic improvements under Trump's administration, including record low poverty rates and rising median household income. He also defended Treasury interventions with Japan in support of the yen as beneficial for U.S. exports.
Topics: bond yields international finance reforms Iran sanctions Treasury Secretary Trump administration policies