Besant Dismisses Concerns Over Rising U.S. Treasury Yields and AI Bubble Controversy

Scott Besant, the U.S. Secretary of the Treasury, recently dismissed market concerns regarding the rise in U.S. Treasury yields, stating that it is part of a global trend. He emphasized that there is no movement to sell U.S. Treasuries in favor of German or Japanese bonds, highlighting that the rise in rates is not unique to the U.S. Recently, the yield on 10-year Treasuries has reached its highest level since 2002, attributed to high fuel prices due to the Iran war, concerns over U.S. fiscal health, and increased AI investments. Secretary Besant countered bubble concerns regarding the expansion of AI investments, explaining that major tech companies are investing substantial capital, which is leading to increased revenues. He assessed that the fundamentals of the U.S. economy are solid and predicted that conditions for oil supply will improve once the Iran war concludes. Additionally, he stressed that the AI industry must propose solutions and that instilling fear is not a form of leadership. Secretary Besant also revealed that the U.S. and China are working to establish a bilateral notification system to share warnings about AI incidents.

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