Bessent defends Treasury market intervention, citing what might have happened without it

U.S. Treasury Secretary Scott Bessent defended intervention in the Treasury market, pointing to subsequent auction results and the performance of U.S. bonds. Bessent argued that the operation should be judged against what would have happened without intervention, rather than by the change in yields alone. He cited Treasury auction demand and the U.S. bond market’s relative performance as evidence of success. In congressional hearing footage carried by American Sentinel | News on October 29, Bessent answered yes when asked whether the intervention had succeeded. Challenged over rising yields, he said the assessment required considering how the market would have behaved without the operation. Bessent said the intervention was followed by the two most successful Treasury auctions in 20 years. He also described the U.S.

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