Bessant denies intervening in U.S. Treasury market as 10-year yield rises to 4.96%

The U.S. Treasury Secretary Besant refuted observers' claims that his intervention in the U.S. Treasury market appears to contradict Federal Reserve Chairman Walsh's intentions. Walsh had stated in July that the market should price assets independently, without guidance from Federal Reserve policy. In July, he remarked: “Market participants are learning to focus on the game itself, rather than staring at the referee.” Regarding these critics, Besant said, “They want to portray the situation as Besant versus Walsh. That’s simply nonsense, pure nonsense.” Besant added, “Investors have not demanded an additional risk premium for long-term U.S. Treasuries,” dismissing related concerns as “baseless noise.” Since the United States began waging war against Iran, investors have demanded higher yields on U.S. Treasuries. On February 28, the day before the U.S. launched its first attack on Iran, the 10-year U.S. Treasury yield was below 4%, and has since climbed to 4.96% as of Thursday night. The 30-year U.S. Treasury yield hovered near its highest level since 2007.