The Bessent bond-market scorecard indicates a weakening competitive position for US Treasury securities compared to other major government bond markets. Yields on 10-year Treasury notes remain elevated around 4.6% to 4.7%. After being considered the top performers of 2025, US Treasuries have underperformed since President Trump’s inauguration, except against Japan. This deterioration signals increased economic uncertainty, which could influence the Federal Reserve’s future decisions on interest rates. Market observers will closely watch the FOMC meeting scheduled for September 16.
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