Treasury Secretary's "Transient" Call on Bond Yields Proves Wrong as Borrowing Costs Soar

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.