US Treasury Secretary: The yield on 10-year US bonds is key, Trump has not called for the Federal Reserve to cut interest rates

U.S. Treasury Secretary Bessent stated that the Trump administration's focus on reducing borrowing costs is on the yield of 10-year U.S. Treasury bonds, not the Federal Reserve's benchmark short-term interest rate. When asked whether President Trump hoped to lower interest rates, Bessent said in an interview with Fox Business Channel: "Both he and I are focused on 10-year treasury bonds." "He is not calling for the Fed to lower interest rates." Bessent reiterated his view that inflation would be reduced by expanding energy supply. He said that for American wage earners, "energy prices are one of the most reliable indicators of long-term inflation expectations." Bessent also stated about the Federal Reserve, "I will only talk about what they have done, not what I think they should do from now on." He noted that after a significant cut in interest rates by the Fed, yields on 10-year U.S. Treasury bonds rose.