Trump's war and tariffs are having a nasty effect on interest rates

Over the last month, Treasury Secretary Scott Bessent has engaged in two controversial and rare interventions in financial markets. The first came in early August when the U.S. Treasury joined the government of Japan in its efforts to strengthen the yen by buying the Japanese currency, taking a step it had last taken during the Asian Financial Crisis in 1998. And late last week, Bessent announced that the Treasury could double the amount of long-dated Treasuries that it will buy back from curren

Source: Responsible Statecraft