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I. The New Treasury-Fed Accord
In November 2025, Treasury Secretary Scott Bessent said, "My job is to be the nation's top bond salesman. And Treasury yields are a strong barometer for measuring success in this endeavor." Recently, however, the Bond Vigilantes are demanding lower prices (higher yields) for what Bessent is selling. The 10-year Treasury yield reached its highest level of the year, while the 30-year climbed to its highest level since 2007 (chart).
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