Bessent Targets Bond ‘Fever’

It's been Zynga bringing Wall Street to Main Street. U.S. stocks fell and Treasury yields surged Wednesday after the Treasury Department announced plans to repurchase six dollars billion of 10 to 20 year government bonds, according to NBC News. The 10 year Treasury yield climbed as high as 4.85 percent, its highest level since November 2023, while 20 and 30 year yields reached 5.3 percent. The Nasdaq Composite closed down 0.6 percent, while the S&P 500 fell 0.5 percent. Treasury Secretary Scott Besant said Tuesday that his job was to push markets back toward equilibrium after what he described as a fever in bond markets. Investors have raised concerns that government efforts to suppress yields could prompt markets to test Treasury's resolve. The sell off comes as U.S. national debt recently surpassed $40 trillion. For all things money, visit benzinga.com.