Scott Bessent dismisses 'Bloomberg Terminal bros' as 10-year Treasury yield hits 4.94% despite $5.2B buyback

Treasury Secretary Scott Bessent has dismissed critics on social media by calling them the "Bloomberg Terminal Bros." In a podcast interview, he stated that the U.S. Treasury Department has the best-performing bond market in the world. Despite tensions, Bessent emphasized that the U.S. is financially strong and that the Administration continues to buy bonds to control yields.

However, recent data shows that the 10-year Treasury yield hit 4.94%, its highest level since October 2023. The Treasury Department purchased $5.2 billion worth of bonds, yet bond yields continue to rise. Analysts attribute this to inflation, corporate bonds, and the U.S. debt pile. Bessent has a history of managing risk, being a former hedge fund manager who famously traded against the Bank of England in 1992. He continues to defend his bond-buying strategy despite criticism.