The 10-Year Yield Myth: Is Bessent Forging the Narrative, or Playing the Prophet?

The war may explain the spike. It does not explain the floor.

Every Treasury selloff needs a story.

The fiscal bears call it a buyers’ strike. The administration calls it a temporary shock. Equity traders watch the 10-year yield cross another round number and treat it like the bond market has just issued a formal declaration of regime change.

Scott Bessent has chosen his story.

In May, with the 10-year Treasury yield…