Analysis: U.S. Treasury Secretary's comments offset Trump's efforts to lower U.S. bond yields

On May 23, according to The Kobeissi Letter analysis, after US Treasury Secretary Besent made a statement on "April 2 that the 90-day suspension was based on sincere negotiations, Trump believed that the quality of the EU's proposal was not high, and hoped that doing so would encourage the EU to take action", the yield on the 10-year US Treasury bond rose by 6 basis points.

When the market turned downward as Trump announced a 50% tariff on the EU and a 25% tariff on Apple, Besent vigorously promoted the trade "agreement" on Fox News. It seems that he may not have received the memo, as the purpose of announcing tariffs was to lower US bond yields. Besent has just offset the rate decline that Trump wanted. However, the S&P 500 index is now down 200 points from its high, and the headline news of the "trade agreement" has not helped lower US bond yields.