That's led to strong US dollar bids across the board that have accelerated in the last hour. In addition, stock markets are at the highs of the day with the S&P 500 up 1.4% and the Nasdaq up 2.4%. After falling into negative territory pre-market, the Russell 2000 is up 1%.
So it's not truly a 'Buy America' theme as bonds are selling off today. Bessent earlier highlighted falling 2-year yields but those have reversed course and are now up 3 bps and up 10 bps from the lows. We've also seen Fed cut pricing in the year ahead come in by 6 bps.
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