US Treasuries Gain for Fifth Day as Bessent Supports Powell

US 10-year Treasuries rose for a fifth day as Treasury Secretary Scott Bessent offered support for Federal Reserve Chair Jerome Powell, reassuring investors.

“The market has taken solace from these comments, the inference being that Trump has been convinced, yet again, not to pursue his campaign to remove Powell,” Ian Lyngen, head of US rates strategy at BMO, wrote in a note.

Powell’s future has become a key issue for bond investors as the Fed chief has come under fire from President Donald Trump for holding interest rates steady while waiting to see if trade tariffs impact inflation. Bessent, speaking ...