Treasury Secretary Bessent fires back at Warren's inquiry on soaring 10-year yields

Senator Elizabeth Warren’s latest letter, dated Oct. 7, demanded explanations from the Treasury about the recent surge in 10-year Treasury yields and how one outlet administration intends to reduce borrowing costs for average citizens. Over the past 21 months, she has dispatched more than 100 letters to the Treasury seeking similar information. Treasury Secretary Scott Bessent responded on Saturday with a sarcastic tone, questioning Warren’s grasp of financial markets and suggesting she study introductory economics.

He rejected her claim that the Treasury caused higher yields, pointing instead to the Federal Reserve’s rate hikes, 40-year-high inflation, and what he described as the Biden Administration’s “reckless spending.” Bessent also criticized her support for a $5 trillion tax increase and highlighted the Working Families Tax Cuts, while jokingly offering a “Foreign Exchange for Dummies” tutorial if she could pass a “Yale metric.” The correspondence underscores a heated debate over fiscal responsibility and monetary policy.