Scott Bessent confirmed that Jerome Powell will not resign, calming market fears and boosting bond yields. The 10-year Treasury yield rose to 4.368%, as traders shifted focus towards the upcoming Fed meeting in response to inflation surging to 2.7%.
While Bessent calls for an internal review of the Fed’s operations, he insists on Powell’s retention. President Trump has backed off from urging Powell’s departure, creating a sense of stability for traders as they prepare for future rate discussions.
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