Treasury Secretary amplifies bullish economic data as the 10-year yield hits 5%
Summary
Treasury Secretary Scott Bessent defended the U.S. economy and dollar’s global role, citing the dollar’s presence in 89.2% of foreign-exchange transactions and the predominance of dollar-pegged stablecoins. He also pointed to household income, poverty, employment and GDP figures while rejecting claims that Treasury bond buybacks aim to suppress yields, saying they improve liquidity and manage maturities. Bessent presented Saudi Arabia’s exit from the China-backed mBridge digital-currency project as a symbolic boost for the dollar. Saudi Arabia said its participation had ended after a planned proof of concept, while mBridge continues to expand elsewhere.
