Wall Street questions Biden's bond plan
The U.S. government is facing surges in borrowing costs due to rising yields on long-term bonds, despite Treasury Secretary Scott Pensant's proposal to buy back bonds aimed at easing the debt burden. The bond market's performance has declined, and the yields on 30-year bonds have increased, reflecting market concerns that the Secretary's plans are only a temporary solution and that a sustainable way to permanently lower yields is to reduce the $40 trillion national debt. These increases are putting pressure on the U.S. economy, especially as borrowing costs continue to rise. Experts indicate that successfully reducing yields will require significantly cutting the government debt.
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