🇺🇸 U.S. Treasury Chief Defends Trump Economic Policies Before Congress

U.S. Treasury Secretary Scott Bessent defended the Trump administration’s economic policies during a House Financial Services Committee hearing on Tuesday, September 15, as lawmakers questioned him about inflation, tariffs, Treasury market conditions, and the administration’s broader economic strategy. Bessent argued that the administration's policies were improving the economy, pointing to factors including household incomes and poverty. Democrats on the committee challenged the administration over inflation and the economic consequences of its policies. Key issue: Treasury yields The hearing came as the U.S. Treasury market faces pressure. The 10-year Treasury yield recently moved above 5%, its highest level in years, amid concerns involving inflation, higher oil prices and expectations surrounding Federal Reserve interest-rate policy. Bessent defended the Treasury's bond-buyback programme, saying it had helped maintain market confidence. Proposed $5,000 payment Lawmakers also questioned Bessent about President Trump's proposal for $5,000 payments to Americans. Bessent said he believed there were ways to implement the proposal without increasing the federal deficit or debt, although questions remain about the proposal's financing and congressional authority. U.S.–China discussions Bessent also said he plans to meet with his Chinese counterpart. Reuters reports that discussions could include China's financial relationship with Iran as well as broader economic issues between Washington and Beijing. Accountability note For publication, it is important to distinguish Bessent's claims about the administration's economic performance from independently measured economic data. His statements represent the Treasury secretary's position; lawmakers at the hearing challenged several aspects of the administration's economic record. Primary source: Reuters report - https://www.reuters.com/world/china/us-treasury-chief-says-rising-bond-yields-due-global-issues-2026-09-15