Trump Says He Did Not Order Bessent’s Bond Market Intervention

President Donald Trump said Friday that he did not direct Treasury Secretary Scott Bessent to intervene in the bond market this week, stating that Bessent acted independently based on his own judgment.

Trump Credits Bessent’s Expertise

When asked directly whether he instructed Bessent to take action, Trump responded simply, “No, not at all,” adding that Bessent is highly capable and chose to act on his own. Bessent, a former hedge fund manager with extensive experience in sovereign debt and currency markets, announced Wednesday that the Treasury would double its expected spending on bond buybacks, a move that initially pushed yields lower. He said Thursday that further increases to Treasury repurchases remained possible.

Yield Declines Reverse by Friday

Despite the initial market reaction, much of the drop in bond yields triggered by Bessent’s announcement had unwound by Friday. Long term Treasury yields had recently spiked amid growing concerns over the US government’s rising debt levels, inflation remaining above the Federal Reserve’s 2% target, and broader implications for investment flows.