Trump and Bessent Bring New Style to Managing Debt

Wall Street Journal: “For decades, the Treasury Department’s choice of what mix of bonds to sell investors has been boring by design. Officials stressed they weren’t trying to get the best rate by market timing, worried that could invite speculation and uncertainty, eventually driving rates higher.”

“The Trump administration is sending a different message. Calling himself ‘the nation’s top bond salesman,’ Treasury Secretary Scott Bessent has talked openly about waiting for interest rates to come down before considering the increases in longer-term debt issuance that he had hinted would be necessary before joining the government.”