U.S. Treasury Secretary Scott Bessent said the recent rise in Treasury yields largely reflects a broader global increase in borrowing costs and does not, by itself, warrant concern. In an interview with Axios published on Saturday, Bessent said he would be more concerned if U.S. yields were rising for reasons specific to the country's financial markets, noting that investors were not simply shifting out of Treasuries and into German or Japanese government bonds. The U.S. 10-year Treasury yield recently climbed to its highest level since 2002, while yields in Europe and Japan have also reached multi-decade highs, driven by persistent inflation concerns, rising government debt and increased borrowing linked to artificial-intelligence infrastructure. Bessent also discussed U.S. involvement in efforts to support Japan's currency, saying Washington and Tokyo have coordinated in the foreign-exchange market, including a joint intervention aimed at supporting the yen. He rejected concerns that the rapid expansion of artificial-intelligence investment is necessarily creating a speculative bubble, pointing to major technology companies such as Microsoft, Alphabet's Google and Meta Platforms and arguing their heavy AI spending is supported by substantial revenues and continued business growth.
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