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US bond yields have kept climbing even as Treasury Secretary Bessent's push in the currency market appears to have worked. A bond yield, in plain terms, is the interest rate the government pays when it borrows money.
When yields rise, that cost does not stay inside government ledgers. It moves into mortgage rates, corporate borrowing costs, and any loan priced off government debt. The yen felt Bessent's intervention.
The bond market moved the other way. Currency intervention means a government steps into foreign exchange markets to buy or sell a currency and shift its price. Bessent's effort in the yen made an impact.
The question is whether it was the right fight.
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