PiCK
Bessent Says Rising Oil Prices Lifted U.S. 10-Year Treasury Yield, Economy on Solid Footing
Minseung Kang
Summary
- U.S. Treasury Secretary Scott Bessent said rising global oil prices were the main driver behind the increase in the U.S. 10-year Treasury yield.
- Global oil prices rose after Libya's NOC halted production at some oil fields and raised the possibility of a force majeure declaration, with Brent futures up 1.7% and WTI futures up 2.1%.
- Bessent said of the U.S. economy, "We have laid the groundwork for a solid economy."
Forecast Trend Report by Period
U.S. Treasury Secretary Scott Bessent said rising global oil prices were the main reason behind the increase in the benchmark 10-year Treasury yield.
Walter Bloomberg reported on September 15 that Bessent pointed to higher oil prices when asked about the rise in the U.S. 10-year yield.
Oil prices extended gains after Libya's National Oil Corp. said protests had halted production at some oil fields and raised the possibility of declaring force majeure. Brent futures climbed 1.7%, while West Texas Intermediate futures advanced 2.1%.
On the U.S. economy, Bessent said, "We have laid the groundwork for a solid economy."
Minseung Kang
minriver@bloomingbit.ioBlockchain journalist | Writer of Trade Now & Altcoin Now, must-read content for investors.