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                                                Scott Bessent arguing that the Trump Admin wants a lower 10-year...not more Fed cuts.
Simplistically, though, the 10-yr is short rates + future Fed expectations + term premium*
We can see this in the consistent relationship between the 10yr and SOFR implied terminal rate. 
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                                                                            Treasury Secretary Scott Bessent explains the administration’s new tariffs, and why we had to do something to stop the slide.
            
                
            
            
                            
                                                
                                
                                     
                                                                            
                            
                                    
            
                    
        
        
    
        
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                                                                            Treasury Secretary Scott Bessent explains the administration’s new tariffs, and why we had to do something to stop the slide.
(0:00) Trump’s Tariff Plan
(5:42) The Current State of the Stock Market
(8:22) Will Americans See Substantial Tax Cuts Because of Tariffs?
(13:16) How 
                    
                    
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                                                01:02:51