U.S. Secretary of the Treasury Scott Bessent has been at the center of the U.S. government’s efforts to manage interest rates, sustain market liquidity and keep the economy from sliding into a recession. In the long term, his actions will likely not work, but in the short term – say, past the general election and into 2027 – Bessent might be succeeding. Yet foreign and sovereign holders of U.S. Treasurys seem to be selling them at an increasing pace. Debt numbers for the federal government, state and local governments, corporations and individuals have been hitting peaks, with only minimal effect on yield . . . until recently. Investors are demanding additional premiums above market-determined yields because they think the risks are greater than the market suggests. Bessent’s job is to keep things looking steady for the near future. Yet despite his claims of success, the debt market is hitting a very rough stretch.