Trump: Bessent acted on his own to intervene in bond market, not White House directive

Published Aug 21, 09:24 PM UTC

President Donald Trump stated on Friday that Treasury Secretary Scott Bessent independently decided to intervene in the bond market this week, denying any directive from the White House. Bessent moved to calm rising long-term borrowing costs, which had hit multi-year highs due to concerns over the U.S. budget deficit, national debt, inflation, and tech company debt for AI investments. The Treasury Department announced it would at least double the size of buybacks for longer-dated securities, a move that initially surprised investors but had a short-lived impact as 30-year bonds erased gains the next day. Bessent indicated readiness to expand buybacks and promised a new fiscal initiative to address high borrowing costs. Trump praised Bessent's 'natural touch' for bonds and interest rates.