Bessent’s Favorite Metric Heads the Right Way for Wrong Reason
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I’m Chris Anstey, an economics editor in Boston, and today we’re looking at the benchmark US cost of borrowing. Send us feedback and tips to ecodaily@bloomberg.net or get in touch on X via @economics. And if you aren’t yet signed up to receive this newsletter, you can do so here.
Treasury Secretary Scott Bessent has repeatedly made clear since taking office in January that the most important gauge of borrowing costs for the Trump administration isn’t the Federal Reserve’s overnight rate, but 10-year Treasury yields.