Treasury secretary Scott Bessent came to office blasting his predecessor for trying to re-engineer the world's largest bond market. This week he took a stab at it himself.
By buying back a swath of long-term US debt, which will require selling more short-dated securities, Bessent said Thursday he'll be doing "what I would call a Treasury twist." It was a nod to the Federal Reserve's famous 1960s plan to rejigger Treasury yields. Right now, Bessent said, those yields are out of whack with "equilibrium" levels.
