The author says U.S. Treasury yields hit multiyear highs (10-year toward ~4.85–4.9%, long bonds ~5.3%), which would lift mortgages and other loans. A $6 billion Treasury buyback of 10- to 20-year bonds was followed by yields rising, not falling.

Inflation fears are blamed on the Iran war and oil above $107, an ECB rate hike, Trump’s $5,000-per-adult check idea (~$1.3 trillion if enacted), and tariffs including a Canada fight. The piece says Bessent has not pushed back.

Bessent’s Republican-event talk on a “socialist hellscape” is called a hit to the Treasury secretary’s market credibility. The author labels him the worst Treasury secretary he has seen.

U.S. government bond yields have jumped to new multiyear highs — which will result in higher costs for mortgages, car loans, student loans, and all other borrowing. 

In other words, the affordability crisis is growing even worse. 

Treasury Secretary Scott Bessent isn’t the cause (I’ll get to that in a moment), but he’s making a colossal mess of it. 

His Treasury Department announced that it would repurchase $6 billion worth of 10- to 20-year government bonds, hoping that fewer bonds on the market would drive up demand, pushing down rates (yields) that have soared to levels not seen in decades.

Instead most Treasury yields sharply jumped on the announcement. The 10-year bond yield surged to as high as 4.85 percent, its........

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