This article is from: srnnews.com
By Kanishka Singh
WASHINGTON, Aug 21 (Reuters) – U.S. President Donald Trump said on Friday he did not direct Treasury Secretary Scott Bessent to intervene in the bond market this week and that the Treasury chief acted on his own authority based on his understanding of the issues.
Here are details:
• Bessent said on Thursday the government could further increase its Treasury repurchases after a surprise announcement on Wednesday that it would spend double the expected amount on bond buybacks.
• “No, not at all,” Trump told reporters on Friday when asked if he directed Bessent to intervene in the bond market.
• “He’s a very capable man. He wanted to do it. He’s very good at it,” Trump said. “He did that, yeah.”
• Bessent is a former hedge fund manager with extensive experience in sovereign debt and currency markets.
• By Friday, however, the declines in bond yields triggered by Bessent’s announcement had largely been unwound.
• Long-term Treasury yields recently spiked on concerns about the U.S. government’s rising debt, inflation that remains stubbornly above the Fed’s 2% target and the implications for investment flows.
(Reporting by Kanishka Singh in Washington; Editing by Chris Reese)
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