Business · Markets · 22 hrs ago
Bessent rejects Warren’s criticism over rising Treasury yields
Senator Elizabeth Warren, a Democrat from Massachusetts, asked Treasury Secretary Scott Bessent what the Trump administration is doing to lower borrowing costs for Americans.
Her October 7 letter focused on the rise in the 10-year Treasury yield and said the increase was self-inflicted.
Bessent rejected her account and argued that Warren had supported spending policies that contributed to economic problems.
He also criticized her repeated requests for information and questioned her understanding of financial markets.
The exchange reflects a wider political dispute over the causes of borrowing costs and the effects of tax and spending policies.
Warren asked Bessent to answer her questions by October 21.
His response did not provide the information she requested in the letter’s questions.
Treasury Secretary Scott Bessent rejected Senator Elizabeth Warren’s criticism that the administration contributed to rising Treasury yields.
In a Saturday letter, Bessent accused Warren of having little knowledge of financial markets and criticized her past economic positions.
Warren’s Oct. 7 letter asked what the Trump administration was doing to lower borrowing costs for average Americans.
She argued that the rise in Treasury yields was self-inflicted and followed the Federal Reserve’s rate increase.
Warren asked Bessent to answer her questions by Oct. 21.
- Who
- Treasury Secretary Scott Bessent and Senator Elizabeth Warren.
- What
- Bessent rejected Warren’s criticism over rising Treasury yields and responded to her request for information.
- When
- Warren sent her letter on Oct. 7; Bessent’s response was dated Saturday.
- Where
- Not stated.
- Why
- Warren sought information about efforts to lower borrowing costs for average Americans and said the rise in yields was self-inflicted.
Elizabeth Warren
Scott Bessent
Cause of rising Treasury yields
Elizabeth Warren
Warren said the surge was self-inflicted and followed the Federal Reserve’s decision to raise its rate amid inflation concerns.
Scott Bessent
Bessent rejected her characterization and blamed past inflation and high interest rates on policies Warren supported.
Economic policies
Elizabeth Warren
Warren said tax cuts in the One Big Beautiful Bill would add $4.7 trillion to the national debt over a decade and benefit the wealthy and large corporations while cutting assistance.
Scott Bessent
Bessent criticized Warren’s support for spending and tax policies, and said the Working Families Tax Cuts deliver for families and workers.
Rather than take my suggestion of studying introductory economics, you have continued your letter-writing crusade and participation in tabloid fodder about the Treasury Department
The surge in Treasury yields is self-inflicted and follows the Fed's decision to raise the federal funds rate by a quarter of a percentage point, driven by concerns about inflation.
It is difficult to treat your concern as sincere
Warren sent Bessent a letter asking what the administration was doing to lower borrowing costs for average Americans.
Bessent sent Warren a response rejecting her characterization of the rise in Treasury yields.
Warren’s requested deadline for Bessent to answer her questions.
- Warren’s letter
- Sent Oct. 7
- Bessent’s response
- Sent Saturday
- Response deadline
- Oct. 21
- Letters to Treasury
- Warren had sent more than 100 in the previous 21 months
- Warren’s debt estimate
- $4.7 trillion added to the national debt over a decade by the tax cuts, according to her letter
Sources
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