US Treasury secretary Scott Bessent has been a valuable asset for Donald Trump, calming market jitters triggered by the US president’s policies.
Now the former financier is facing his sternest test, taking on investors in the $32tn US Treasury market who are spooked that Trump’s Iran war is pushing government spending and inflation higher.
The recent sell-off in long-term US debt did not “reflect the underlying economic fundamentals”, Bessent told CNBC on Thursday. He blamed “very poor” liquidity for the turmoil.
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