{
  "id": 2776731,
  "title": "Jumpy bond markets make it clear: Trump risks driving US into debt crisis | Heather Stewart",
  "url": "https://urgent.news/2026/08/23/jumpy-bond-markets-make-it-clear-trump-risks-driving-us-into-debt",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-23T10:53:53.000Z",
  "source": {
    "name": "The Guardian US",
    "slug": "the-guardian-us",
    "url": "https://www.theguardian.com/business/2026/aug/23/jumpy-bond-markets-make-it-clear-trump-risks-driving-us-into-debt-crisis"
  },
  "original_language": "en",
  "account": "Treasury Secretary Scott Bessent's attempts to reassure bond markets highlight the growing weakness rather than strength, as the nation's debt surpasses another alarming record. Bessent's intervention in government bond markets, driven by rising yields, has reignited concerns about a potential US debt crisis. This comes after Bessent's previous experience in the early 1990s, when he shorted the pound alongside George Soros during the chaos leading up to Black Wednesday, which saw the UK exit the European Exchange Rate Mechanism.\n\nBessent's role has shifted from being on the sidelines to actively engaging with markets. In 2023, the US Treasury's intervention in support of the Japanese yen, by selling euros instead of US dollars, was seen as a sign of weakness. Japan is a significant holder of US treasuries, and the move suggested concerns about potential dumping of treasuries to purchase yen, which could drive yields higher. The Treasury's announcement that Japan would be able to use a lesser-known facility called the Foreign and International Monetary Authorities Repo Facility allowed it to borrow against its treasury holdings without selling them further added to the sense of unease.\n\nThe latest intervention by Bessent, promising to double the rate at which the treasury would purchase the longest-dated bonds, was a clear indication of worry within Washington about a potential sell-off. This sell-off has pushed up 30-year government bond yields to levels last seen before the global financial crisis in 2008. Several factors contribute to this bond market sell-off, including inflation, the AI investment boom, and the perception that the US is no longer the dependable creditor it once was.",
  "summary": "Treasury secretary Scott Bessent’s attempt to calm bond markets is a sign of weakness not strength “Look, there’s nothing magic about that $40tn number,” the US Treasury secretary, Scott Bessent, told CNBC insouciantly last week, as the country’s debt mountain surpassed another bleak record. Yet Bessent’s decision to intervene in government bond markets in an effort to combat soaring yields,…",
  "key_points": [
    "Treasury Secretary Scott Bessent's interventions fail to reassure bond markets.",
    "US debt surpasses another alarming record, triggering concerns about a potential crisis.",
    "Treasury's promise to double bond purchase rate highlights growing unease."
  ],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 2,
    "also_reported_by": [
      {
        "outlet": "Guardian Business",
        "title": "Jumpy bond markets make it clear: Trump risks driving US into debt crisis | Heather Stewart",
        "url": "https://urgent.news/2026/08/23/jumpy-bond-markets-make-it-clear-trump-risks-driving-us-into-debt-2779215",
        "published": "2026-08-23T10:53:53.000Z"
      }
    ]
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}