Producer Prices Pour Fuel on the Fire

Scott Bessent's attempt to calm the bond market has so far produced an awkward result: borrowing costs have risen further. The Treasury secretary is effectively arguing that investors are charging the United States too much to borrow. Bondholders have reached a different conclusion. They see persistent budget deficits, a growing debt burden, stubborn inflation and an economy strong enough to tolerate higher interest rates. If Washington wants their money, they would like better compensation. The latest PPI reading gives them another reason to demand it.

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