It's the budget. Treasury Secretary Scott Bessent said earlier this week that the Trump administration wants to focus on lowering borrowing costs by getting the 10-year Treasury yield down, not by pressuring the Federal Reserve to cut short-term rates.

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,

The U.S. Treasury's payment system won't be touched by Elon Musk's government efficiency team, Treasury Secretary Scott Bessent told Fox Business on Wednesday, adding that any decisions to stop payments would be made by other agencies.

In a letter to the Treasury secretary, the Democratic senator warned against meddling with a system that processes trillions of dollars of transactions.