Treasury Secretary Scott Bessent testified on September 15 before the House Financial Services Committee for his annual report on the international financial system. He defended the dollar’s dominance as the world’s primary reserve currency, attributing it to deliberate policy choices rather than chance. Bessent highlighted the creation of over one million private sector jobs, more than 64 million tax returns benefiting from recent tax cuts, and rising real wages. The 10-year Treasury yield briefly exceeded 5%, reflecting rising borrowing costs for the US government. Digital assets received no new regulatory framework during this hearing.
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