News Summary

• US Treasury Secretary Scott Bessent has justified his intervention in currency and bond markets by arguing that they are not providing a fair signal of economic fundamentals.
• His willingness to peddle such nonsense may be the most striking testament yet to the sycophancy that defines the Trump administration.
• "Intervening in financial markets is a fool’s game.
• And yet many seem incapable of internalizing that lesson," writes Julian Zelizer in a letter to the editor of The New York Times.