Treasury Secretary Scott Bessent is scheduled to appear on the financial morning program at 8 a.m., as the Trump administration faces mounting public concerns over higher fuel prices, climbing interest rates, and risks stemming from artificial intelligence. The interview comes at a time when the administration is under pressure to address these economic strains affecting everyday Americans.
Following the Treasury Department's buyback operation, the yield on the 10-year Treasury note has moved higher. On August 24, 2026, Secretary Bessent held a press conference at the Treasury Department's cash room in Washington. Monday morning's scheduled appearance underscores the administration's need to tackle the financial burdens arising from fuel cost increases, rising rates, and AI-related challenges.
The conversation is set to begin at 8 a.m. Over the past weekend, Bessent held talks with his Chinese counterpart, He Lifeng, ahead of the Friday summit between U.S. and Chinese leaders in Washington. In prior media remarks, Bessent expressed a willingness to discuss shared risks in artificial intelligence during the meetings. The bilateral discussions covered topics including AI and trade relations.
Last week, Bessent disclosed that the Treasury had repurchased over $5 billion in 10-year and 20-year notes on September 10. Since the U.S.-Israel conflict with Iran began in late February, the benchmark 10-year yield—which moves inversely to bond prices—has climbed roughly 100 basis points. Last week, the yield broke above 5%, reaching its highest level since 2007. The 10-year Treasury yield directly influences long-term borrowing costs, including mortgage rates, which this month surpassed 7% for the first time in over a year.
Where the pressure points lie
On September 15, Bessent testified before the House Financial Services Committee. Although Treasury yields continued to rise after the buyback operation concluded, he still characterized the debt repurchase as a "success." During the hearing, Bessent remarked, "We can imagine what the situation would look like without the buyback." He argued that without this operation, the increase in Treasury yields would have been even more pronounced. "Since President Trump took office, the U.S. bond market has been the best-performing among major economies," Bessent stated.
Alongside the climb in Treasury yields, diesel prices have surged due to the conflict with Iran. The rising costs of fuel and essential goods have alarmed congressional Republicans, who worry these pressures could hurt the party's chances of retaining majorities in both chambers during the November elections. At the Republican midterm convention on September 9, Trump pledged that if the GOP maintains control of Congress, every adult U.S. citizen would receive a $5,000 "dividend."
Central bank moves and political friction
On September 16, the Federal Reserve's Federal Open Market Committee raised its benchmark interest rate for the first time since 2023, lifting the target range to 3.75%-4%. The Fed stated the move aims to alleviate persistently high inflation. Fed Chair Kevin Warsh, nominated by Trump, leads the central bank. Trump has publicly pushed for rate cuts, yet when speaking to reporters about this policy meeting, the president said, "We might as well go along with the committee vote; the outcome won't change anything."
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