Treasury Secretary Scott Bessent has a new plan in the fight to bring down historically high interest rates, and it’s got nothing to do with the Federal Reserve.

The Trump administration's emerging focus on long-term Treasury bond yields may show growing sensitivity to market constraints that could impede President Donald Trump's economic plans, while also getting the Federal Reserve out of his direct line of fire.

The Trump administration is more focused on keeping Treasury yields low rather than on what the Fed does, Treasury Secretary Scott Bessent said. Bessent indicated that Trump will not be hectoring the Fed to cut,