US Treasury secretary has made a high-stakes bet he can beat back soaring borrowing costs
Source: Financial Times
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DW NOTE
Bessent is trying to suppress yields on $32 trillion of debt while running a $2 trillion deficit and holding the Fed at 3.5%. That's not a policy bet — it's a prayer that markets will keep financing expansion on terms the Treasury prefers rather than terms the market demands.
For the first four months of the war between the United States and Israel and Iran, oil traders remained largely bearish. The overwhelming expectation was that the war would end soon—even as July rolled around—and oil flows out of Hormuz would recover. Instead, the world is slipping into a fuel shor
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