Bessent's GOP Convention Speech Raises Questions About Treasury Credibility

According to CNBC, Treasury Secretary Scott Bessent's planned prime-time speech at the Republicans' midterm convention in Dallas on Wednesday is raising questions about whether his political profile could undermine the market credibility he needs to manage U.S. debt markets. The speech would be the first by a sitting Treasury secretary at a national political convention in 50 years, and the Treasury Department said Wednesday it would buy back as much as $6 billion in long-term Treasury debt this week, with a cap of at least $4 billion in operations later this year. Bessent said at a Breitbart event Tuesday that he acted to stem a market "fever" and that his enhanced buyback announcement on Aug. 19 initially pushed Treasury yields lower, though long-term yields rose again Wednesday after the buyback size was disclosed. The 10-year Treasury note yielded 4.84% mid-afternoon Wednesday.