News Summary

• Bessent pushed back against a bearish assessment of the u.s. economy highlighting strong growth, foreign demand for American assets and continued dollar dominance.
• Bessent also highlighted record median household income, a historically low official poverty rate, continued employment growth and the Atlanta Fed’s 5.1% annualised estimate for third-quarter GDP.
• The pushback comes at a time where u.s. Treasury yields reach multiyear highs, with the 10-year yield hitting 5%.