Treasury Secretary Scott Bessent said Donald Trump is not asking the Federal Reserve to lower its short-term interest rates, but what he and the president do want is to bring down longer-term borrowing costs via 10-year Treasury yields (^TNX).

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 secretary replaces Rohit Chopra, who had aggressively sought to expand the bureau’s authority over banks and other financial firms.