Bonds

Bessent had repeatedly criticized then-Treasury Secretary Janet Yellen for boosting the share of bills in US debt.

Borrowers to test court restrictions as record liability management exercises volume continues

Long-maturity yields rose as much as four basis points, with the 10-year note's stalling at around 4.53%. A gauge of the dollar held steady after two days of gains.

It took until Thursday for the president to indicate he'd follow through on some of his tariff threats, meaning investors who had been bracing for levies to be imposed on day one of his term had a couple weeks of relief.

The legendary investor weighed in on the "irrationality of markets" during the recent AI-fueled rally.

The yield on 10-year US notes fell as much as 12.5 basis points — the most intraday in almost two weeks — to 4.50%, before paring the decline.

The moves, announced within hours of Trump taking office Monday, also risk derailing the commitment that all countries made at COP29 in November to triple annual climate finance to $300 billion by 2035.

By Tuesday's close, they were back well below the 5% mark, with the 30-year's lower on the day by six basis points to 4.80%.

Wednesday brings the next pivotal data point, with the release of the latest consumer-price figures, which are forecast to show inflation remains sticky.

In the US, the 10-year Treasury yield rose as high as 4.73% Wednesday, pushing it toward the 5% peak hit in October 2023, before pulling back down.