{
  "id": 6696024,
  "title": "Trumps Finanzminister hat sich mit dem Anleihemarkt den härtesten Gegner ausgesucht. Der Machtkampf beginnt erst",
  "url": "https://urgent.news/2026/09/11/trumps-finanzminister-hat-sich-mit-dem-anleihemarkt-den-hartesten",
  "topic": "business",
  "section": "Business",
  "published": "2026-09-11T03:30:00.000Z",
  "source": {
    "name": "NZZ Wirtschaft",
    "slug": "nzz-wirtschaft",
    "url": "https://www.nzz.ch/wirtschaft/finanzminister-gegen-finanzmaerkte-in-den-usa-spitzt-sich-der-machtkampf-um-die-finanzierung-der-staatsschulden-zu-ld.10023215"
  },
  "original_language": "de",
  "account": "US-Finanzminister Scott Bessent faces off against the bond market as 10-year Treasury yields approach the 5% threshold, a significant hurdle for the U.S. government's debt management. In recent weeks, yields for bonds with maturities of 10 to 30 years have risen sharply, making it expensive for the U.S. to issue new long-term debt. The bond market seems particularly unfriendly to Bessent, who is trying to break the trend of rising yields. As a former hedge fund manager, he knows the market mechanisms well, but his efforts have not been successful so far. Last week, Bessent clarified an earlier announcement, stating that he would spend $6 billion to repurchase U.S. Treasury bonds with maturities of 10 years or more, financed by issuing bonds with shorter maturities. However, yields for 10-year government bonds did not fall as expected but continued to rise. The reaction was likely due to market participants' anticipation of a larger repurchase amount, possibly around $8 to $10 billion. Since the beginning of the week, the yield on 10-year Treasuries has increased by about 0.15 percentage points, reaching 4.93%, just shy of the 5% threshold. This is the highest level in almost three years. Long-term U.S. Treasury bonds with 30-year maturities are already above 5.3%, the highest level since 2007. Various fundamental factors tend to drive Treasury yields upward, including concerns about the high U.S. debt level, which recently exceeded $40 trillion, and a growing annual budget deficit now around 6% of GDP. Higher yields can be paid by investors to compensate for the increasing risk. Meanwhile, economic growth is accelerating, with near-full employment in the job market and strong consumption spending. Private borrowers are competing with the government for investors' money. Inflation in the U.S. has been well above the Federal Reserve's 2% target for five years, which could lead to an increase in interest rates by the Fed, affecting bond yields. Bessent remains convinced that market participants misjudge the economic data. He told CNBC this week that the yield level does not reflect the underlying fundamentals of the U.S. economy. Bessent also claimed he has asymmetric information, meaning he has better information than market participants. However, his words did not calm the market. In mid-August, Bessent had announced to double his repayment program for long-duration Treasury bonds. This announcement did not bring about a calming effect either. The official repurchase program of the Department of the Treasury started in May 2024, but even this announcement did not help. Treasury's maximum purchase volume per operation was increased from $2 billion to $6 billion. This step is part of the government's efforts to keep debt costs in check. The U.S. and Japan intervened in the foreign exchange market in mid-August to support the yen, which had fallen to a 40-year low against the dollar. The intervention was not altruistic; Japan is the largest foreign creditor of the U.S. Without U.S. support, Tokyo would have been forced to sell U.S. Treasury bonds en masse to support its own currency, driving up Treasury yields. \"Bessent made a somewhat half-hearted impression\" according to Karsten Junius, Chief Economist at J. Safra Sarasin Bank. Intervention in the market requires a big gun, almost a bazooka, or better, leave the market to itself. Other observers note a certain loss of credibility for Bessent. Grand gestures often follow by few actions. Bessent had announced a D-Day of economic sanctions against Iran, reminiscent of the Allied landing in Normandy during World War II, but his threats were not followed by concrete measures at the actual D-Day. For U.S. economist Edward Yardeni, Bessent has so far failed to convince market participants. They continue to focus on fundamental data. Junius believes the market is short-term focused and tactically rather than strategically ahead. To convince market participants, Bessent needs to present a clear medium-term strategy, such as reducing the issuance of 30-year bonds and increasing the output of short-term bonds. Such an announcement has not been made yet. Yardeni states that Bessent is willing to intervene in the bond market if he believes it has deviated too far from fundamental data. His interventions and hesitations have yet to generate a convincing response.",
  "summary": "Die Rendite für 10-jährige US-Staatsanleihen steigt trotz Eingriffen von Finanzminister Scott Bessent weiter und steht dicht vor der Marke von 5 Prozent. Das erschwert den USA das Schuldenmanagement.",
  "key_points": [],
  "editors_take": "US-Finanzminister Scott Bessent hat im Kampf gegen den Anleihemarkt bisher wenig Erfolg gezeigt, seine Maßnahmen haben die Renditen für Staatsanleihen nicht gesenkt, sondern weiter erhöht.",
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "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."
}