Bessent shouldn’t bet on U.S. 10-year yield dancing to his tune

News Snapshot:

Short-term stock price moves are rarely meaningful – especially not when markets are panicking – but the 10-year U.S. Treasury yield’s round-trip since President Donald Trump’s ’Liberation Day’ last week is extraordinary. Treasury Secretary Scott Bessent is on record saying he is focused squarely on getting the 10-year yield down, leading investors to surmise that lower borrowing costs are more important to the administration than higher equity prices. This is a major departure from Trump’s first term, when he regularly celebrated stock market gains in social media posts. To that end, the 10-year yield’s slump in the two days after...