Treasury Secretary Scott Bessent, appointed in early 2025, has made the 10-year US Treasury yield his top priority. In May 2026, yields surged by more than 50 basis points to approximately 4.62% by early August, with the 30-year yield hitting its highest level since 2007, driven by the Iran conflict and soaring energy prices. Bessent is betting on deregulation and fiscal discipline rather than direct market intervention to bring down long-term borrowing costs. This strategy remains contingent on energy price stabilization, easing geopolitical tensions, and measurable economic benefits materializing.
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