US 10-year yield hits highest level since 2007

US Treasury Secretary Scott Bessent defended his bond buyback program in contentious congressional hearings. US Treasury Secretary Scott Bessent defended his bond buyback program in contentious congressional hearings Tuesday, as the 10-year Treasury yield climbed to its highest level since the 2007 global financial crisis. Bessent suggested the spike could have been worse without Treasury’s intervention; he also defended a separate operation to prop up the Japanese yen as preventing Tokyo from selling its US debt, which would have pushed yields higher. “Bessent’s intervention risks whipping up a blaze that could cause damage well beyond America,” PIMCO’s former CEO argued in The Economist, as a surge in global bond yields prompted central banks to coalesce around monetary tightening. US Federal Reserve watchers put the odds of a rate hike Wednesday at 92%.