News Summary

• Treasury Secretary Scott Bessent appears to be losing a tug-of-war with the bond markets he is also trying to influence.
• In an effort to tamp down on longer-term interest rates and lower the government’s cost of borrowing, he has resorted to an old playbook.
• But rather than fall in line, bond traders have taken the opposite side, extending a sell-off of u.s. Treasurys.
• Now, the Trump administration may be running out of moves.