Facing an increasingly aggressive Iran and a slumping bond market, the Trump administration is betting that Treasury Secretary Scott Bessent can use the financial weapons in the government’s arsenal to achieve victory on both fronts.
The idea is to kill two birds with one stone: getting Iran to fully reopen the Strait of Hormuz would lower oil prices and take pressure off the bond market as investors lower inflation expectations. Still, Bessent faces a tall order in trying to coerce an Iranian government that’s committed to holding on to the strait.
