Bessent Responds to Warren's Treasury Yield Letter

Treasury Secretary Scott Bessent responded to a letter from Senator Elizabeth Warren regarding the rise in 10-year Treasury yields. The letter, obtained exclusively by FOX Business, included a sarcastic remark about Warren's previous claims of Native American heritage.

Warren's letter, sent on October 7, asked for information about the Trump administration's efforts to lower borrowing costs for average Americans. She requested a response by October 21.

In his reply, Bessent accused Warren of having little understanding of financial markets and criticized her for continuing to send letters to the Treasury Department. He also mocked her for participating in what he called 'tabloid fodder.'

Bessent refuted Warren's claim that the rise in Treasury yields was due to the Federal Reserve's rate hikes. He argued that her concerns were insincere, given her past support for the Biden administration's spending policies.

Warren alleged that the Treasury secretary's actions had increased costs for Americans, blaming the Federal Reserve for inflation. Bessent countered by accusing her of shifting blame from her own fiscal policies to the central bank.

The letter also touched on tax policy, with Bessent defending the 'Working Families Tax Cuts' and criticizing Warren's stance on the 'One Big Beautiful Bill,' which she claimed would add $4.7 trillion to the national debt.