# Bessent defends Treasury market intervention, citing what might have happened without it

By Riza Dagoc

Canonical URL: https://www.tokenpost.com/news/investing/45403
Published: 2026-10-31T09:20:34.000Z
Updated: 2026-10-31T09:20:34.000Z
Section: Investing

> Scott Bessent defended Treasury market intervention, citing auction results and relative bond performance. He said its impact must be assessed against what would have happened without it.

U.S. Treasury Secretary Scott Bessent defended intervention in the Treasury market, pointing to subsequent auction results and the performance of U.S. bonds.

Bessent argued that the operation should be judged against what would have happened without intervention, rather than by the change in yields alone. He cited Treasury auction demand and the U.S. bond market’s relative performance as evidence of success.

In congressional hearing footage carried by American Sentinel | News on October 29, Bessent answered yes when asked whether the intervention had succeeded. Challenged over rising yields, he said the assessment required considering how the market would have behaved without the operation.

Bessent said the intervention was followed by the two most successful Treasury auctions in 20 years. He also described the U.S. bond market as the best performer in the developed world since President Trump took office.

Asked whether he intended to use the Treasury General Account, or TGA, for further bond purchases, Bessent described it as the federal government’s checking account and said buying bonds cheaply was part of Treasury’s work. He did not give a clear answer about future use of the account before the questioning period ended.

Responding to criticism of government equity stakes in companies, Bessent said strategic industries had experienced market failures. He pointed to critical minerals in defending government intervention.

On insurance oversight, Bessent backed regulation by the states. He described the Federal Insurance Office as a body that convenes participants, observes markets and facilitates communication. Calling the state insurance system robust, he said Treasury’s role was to identify potential financial stability risks and bring them to insurance regulators’ attention.