The Treasury market is sending Washington a message that Congress refuses to hear. Investors want greater compensation for financing a government that continues borrowing without any credible plan to stop. Bessent can buy bonds, threaten traders, increase buybacks, and declare that he is “the house,” but the United States government is not bigger than global capital. Washington’s debt problem is causing the bond market to demand higher interest rates, and Bessent is trying to fight the symptom instead of eliminating the debt and deficits causing it.
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