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Scott Bessent fires back at Elizabeth Warren over Treasury yields letter
Fox Business • • business
Key Points:
- Treasury Secretary Scott Bessent responded sharply to Senator Elizabeth Warren's latest letter criticizing the rise in the 10-year Treasury yield, accusing her of lacking understanding of financial markets and fiscal policy.
- Warren has sent over 100 letters to the Treasury Department in the past 21 months, recently requesting details on efforts to lower borrowing costs for average Americans amid rising Treasury yields.
- Bessent refuted Warren's claim that the yield surge is self-inflicted and linked to Fed rate hikes, instead blaming her support for increased federal spending and tax hikes during the Biden administration.
- The Treasury secretary ended his letter with a sarcastic offer to provide Warren with basic financial education tutorials, referencing their academic backgrounds at Yale and Harvard, respectively.
- Warren criticized recent tax cuts as benefiting the wealthy while increasing the national debt and cutting social programs, also highlighting costly military spending, which Bessent did not directly address.
