US Treasury Secretary Bessent signaled that former US Treasury Secretary Yellen’s debt issuance plan would continue, implying no increase in longer-dated Treasury bonds and lowering 10-year yields. This support is threatened by talk of a “DOGE dividend” to taxpayers. There is a considerable gulf between claimed government savings and economists’ view of reality. Refunding illusionary savings would be a deficit-financed stimulus check.
UBS On-Air: Market Moves