Bessent becomes most interventionist Treasury chief in decades

With a series of unconventional actions over the past year, Scott Bessent, the Treasury secretary, has emerged as one of the most interventionist officials in decades. His latest surprise came on Wednesday when the Treasury announced it would more than double its planned purchases of 10-year to 30-year debt, at least doubling the earlier schedule.

Earlier in July, Bessent opened the door to potential cuts in issuance of longer-dated debt. In July 2023, he oversaw the first purchases of yen by US authorities in three decades, reducing Japan's need to sell Treasuries to fund its own yen-buying. The Treasury has not commented on Bessent's market measures. Bessent's approach is seen as more activist than previous administrations, according to experts, even in the absence of crisis or disorderly market conditions.