Trump says he did not direct Bessent to intervene in bond market

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.