Bessent’s Treasury Twist Makes November Refunding a Wall Street Wildcard

Wall Street is war-gaming a potentially bigger shift in the US government’s borrowing strategy as Treasury Secretary Scott Bessent reportedly takes a more activist approach to managing the nation’s debt. The focus over the coming months is on how changes to issuance/financing could affect Treasury market liquidity and yields. Overall, the tone is cautious due to uncertainty around the direction and magnitude of any strategy changes.