美债收益率创2007年以来新高，财长称财政整合在即

Bloomberg Audio Studios, podcasts, radio, news. You're listening to the Bloomberg Balance of Power podcast. Catch us live weekdays at noon and 5:00 p.m. Eastern on Apple CarPlay and Android Auto with the Bloomberg Business App. Listen on demand wherever you get your podcasts or watch us live on YouTube. There we have it. A hearing with the Treasury Secretary Scott Bessant before the House Financial Services Committee wraps up.

Welcome to Balance of Power on Bloomberg TV and Radio. You're joining us on the day that the 10-year Treasury yield hits the highest since 2007. So, what a time for the Treasury Secretary to be facing questions from lawmakers when pushed on higher long-term borrowing costs. He did say that the Treasury's recent expanded buyback operations were successful and once again promised that fiscal consolidation is coming, even as he suggests the planned $5,000 Trump dividend checks the president wants to send out are a good idea and can be done without affecting the deficit.

We'll get into all of this with Bloomberg's Mike McKe uh coming up in just a minute. And of course, we also have an important conversation taking place this hour between my colleague Joe Matthew and the former Secretary of State Anthony Blinkin live in New York. and they'll be joining us shortly. But we do want to begin with uh Mr. Besson's remarks before the committee today and what it means uh for the bond market which of course is continuing to see a selloff.

So for more Michael McKe, Bloomberg International Economics Policy Correspondent uh is joining us now. So Mike, let's first begin with the fact that we do have a 10-year Treasury yield now at 5%. We haven't seen this in nearly two decades. And yet he's arguing that his moves to reign in the long end have been successful. Is that true? Uh, I don't think you could say it's true. His argument was, well, we don't know what would have happened if I hadn't done that.

And I suppose the follow on from that would be I that rates would be even higher or something like that. Uh, nobody in the bond market uh thinks it was successful. But, uh, that that was just sort of a a passing comment he made there. I think, you know, if you were listening into this, you heard a lot of uh antagonistic questions and a lot of softball questions depending on the political party asking and you didn't hear the Treasury Secretary say a whole lot in terms of news.

Yeah. Well, of course, that's often how these things go on Capitol Hill. It's an opportunity to cut uh maybe some things for campaign advertisements and and election season. Uh Mike, but on uh the moves we've seen in the bond market, he once again reiterated that a fiscal consolidation plan is coming. How would that track with the suggestion that sending $5,000 checks to Americans are indeed a good idea that won't affect the deficit?

Is that fiscal consolidation?

Well, it doesn't appear it would be. Now, Secretary Besson was asked about the $5,000 checks a number of times, and he said a number of times there are ways to do it without adding to the deficit. And he also kept adding, "But I'm not going to tell you what they are." And so, uh, it was kind of odd because, uh, as far as anybody knows, the first time we heard of this plan was the president's comments in, uh, Dallas last week, but the secretary said, "Oh, we've been working on this for some time, and we have a lot of good ideas."

But he refused to tell Congress what those ideas are. The fiscal consolidation thing is something that he's said before in response to questions about rising uh bond yields because the markets are worried about the deficit. But he also has offered no plan and he hasn't said when he would have a plan. And I might point out we're two weeks away from the end of the fiscal year.

Indeed. And as we consider the bond market, I would point out we just got the results of a $13 billion uh 20-year auction and was a little bit of a tail, drawing 5.42% compared to the 5.40% uh when issued uh yields. So, we have to keep that in mind. That's sending yields uh back in the upward direction. We are now just about at 5.01% on the 10-year. I want to talk about the other news we got from the Treasury Secretary as well as it pertains to China.

He plans to meet with his Chinese counterpart, Holy Fun. uh this weekend ahead of course of Xihinping's visit here in Washington planned for next week. Walk us through the significance of that Mike.

Well, it's something you would expect. Normally the cabinet members from uh the State Department and from the Treasury uh and perhaps trade uh representative would meet with their counterparts ahead of time because when heads of state meet, the agenda is pretty much planned and the outcomes are pretty much planned. They know in advance where they're going with this this chance for the two leaders to talk, but it is rare that you would ever have a an initiative come up in the meetings and then be worked on and something presented.

So, they will have talked through a lot of what they're going to be working on and the US has a lot it wants to talk to China about and Secretary Bessant his his remit covers a lot of areas. I'm sure they'll be talking about uh the uh trade sanctions that the president wants to put on and the concerns that the US and others have about overp production in China and how it's flooding the world with uh goods and then uh I am sure they'll probably get into some of the AI questions about what kind of safeguards could be put in place.

Now, it's a little harder to see how they do this because the president keeps saying there's no worry. Uh but uh I I suspect that Secretary Besson is also listening to some of those people in Silicon Valley who say, "Yeah, we should worry and we should have a global uh regime to try to prevent AI from getting out of hand."

Yeah, the Treasury Secretary was asked about artificial intelligence repeatedly. Michael McKe, Bloomberg, international economics and policy correspondent. Thank you so much. Of course, artificial intelligence and the global question of how to regulate it, I know is about to come up in conversation as I hand things over to my colleague Joe Matthew, who is live in New York with the former Secretary of State, Anthony Blinken.

Joe,

Kaylee, thank you so much, Mr. Secretary. It's great to have you back on Bloomberg TV and Radio. We meet at a precarious time today. The war with Iran is stretching on.

Oil prices are at their highest we've seen uh in some time, certainly since the open of this invasion. Interest rates are at their highest in years, and it's all taking place against the backdrop of an argument over an emerging technology that some believe could bring the end of humanity. It's just another Tuesday, but I'd like to start there with you. In this AI debate that's underway right now in Washington, the people building the most advanced AI models are saying it's time to slow down.

The president of the United States says we have to win. Whoever wins AI wins. Is the president right or the CEOs? These shouldn't be irreconcilable positions because here's the reality, Joe. The statement uh that we heard the other day from Dario Modi, uh from Sam Alman, from Elon Musk saying we've got to do something. That should be a big uh flashing red light. This is like the wizards telling you, uh something's rotten in Oz.

We ought to listen and pay attention when we hear that.

And the reality is this. This technology is moving at a speed that we can't even begin to wrap our arms around, never mind get ahead of. Uh we're seeing a doubling in capacity uh on the uh frontier platforms. Every several months Moore's law is out the window when it comes to computers. Uh so the nec the necessity of doing something to put some governing rails on this I think is increasingly evident to pretty much everyone although the president seems to disagree.

Look, we regulate the airplanes flying in the skies.

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