Bessent highlights U.S. bond market as 10-year yield rises

U.S. Treasury Secretary Scott Bessent said the American bond market has outperformed other major markets since President Donald Trump returned to office, even as yields climbed during a broad global selloff. His remarks came during a G20 finance meeting in Asheville, North Carolina, where the 10year Treasury yield reached its highest level in nearly 20 months. CNBC analysis noted that the move in U.S. yields has been smaller than in some other advanced economies, but that yields were already rising before the 2024 election. Bessent also said shortterm market moves should not be overinterpreted, and pointed to discussions at the G20 on ways to support economic growth. The rise in global borrowing costs has been linked to uncertainty over central bank policy and geopolitical tensions, including renewed conflict around the Strait of Hormuz.