Yields on longer-dated U.S. Treasurys climbed on Thursday, defying a surprise Treasury Department announcement from just one day earlier that the government would make concerted efforts to add more liquidity to oversupplied bond markets.
But sometimes a press release demands a sequel. Like a press appearance.
Treasury Secretary Scott Bessent took to CNBC midday Thursday to clarify the buyback promise announced Wednesday, while simultaneously casting doubt on the ability of bond markets to interpret market fundamentals across the global economy.
“People have bad information. I have asymmetric information,” said Bessent. “I think that the market should think, ‘Well, why would we have joined the Japanese in the intervention at this time? Do we...