US 10-Year Yield Softens After Bessent Comments
The yield on the 10-year US Treasury note fell to below 4.38% on Tuesday, retreating over 8 basis points from its session peak, as indications that the United States might de-escalate its trade conflict with China led investors to reassess their movements towards foreign assets. Treasury Secretary Scott Bessent reportedly stated that the United States might soon reduce its tariffs on China, acknowledging that the current levies are unsustainable. These remarks helped to mitigate the selloff in dollar-denominated assets observed yesterday. The combined pressures of the ongoing trade war with China and threats from the White House regarding the Federal Reserve's autonomy had previously prompted funds to shift towards gold and international markets. Nevertheless, members of the Presidential administration outside the Treasury Department continued to call for additional tariffs, with ongoing investigations targeting industries such as copper, semiconductors, rare earth metals, lumber, and pharmaceuticals.
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