Bessent's "Transient" Bond Yield Call Falters as Borrowing Costs Hit Multi-Decade Highs

Treasury Secretary Scott Bessent called high bond yields and energy prices "transient" on 20 May 2026. They were not. By 17 August, the US 30-year yield reached 5.29% — its highest since 2007. Japan's 10-year hit 2.93%, a three-decade peak. France, Germany, and Japan all saw multi-year highs as Middle East-driven oil prices climbed 6% in a week with no diplomatic breakthrough in sight.