Bessent is in a hard spot. He can’t argue that the bond market is healthy when his intervention isn’t working to bring down yields. He also can’t say that everything will be okay when the Iran War is over because that would delegitimize Trump’s stance. So his best answer is left to say that the US bond market is the best bond market in the world, which is true, but still doesn’t mean that it’s going to be easy to finance $10T of debt at the highest rates in 3 years.
