Oct 6, 2026 · 45 min · 29 segments
Stocks are hitting new highs, bond yields are easing, and oil prices are moving lower, but the bigger question remains whether higher interest rates are actually slowing the parts of the economy…
Well, in any case, we've got equity markets up, bonds up, yields down, oil prices down, and a fair bit to talk about on a week without a ton of big economic data.
But we are seeing a little bit of a drop, as I mentioned, in yields coinciding with Treasury Secretary Besant once again.
I don't know if he's trying to take credit for it or talk them down a little bit further.
But Yesterday, Chuck and I were talking a little bit about Besson's credibility issues.
And I don't remember which publication, but they were, you know, making the point that this guy might not have a lot of credibility.
It led me to the question, though, like we talk a ton about Federal Reserve credibility, the importance of the Fed, you know, sounding tough and being believed by the general public.
I do wonder about, you know, Treasury credibility, like where does that matter? Why does it matter? And how can it be helpful? if people actually believed Scott Besant when he said that he was going to bring down interest rates.
The theory on the Fed comes from a guy named Tom Sargent, who won the Nobel Prize in Economics.
Well, in any case, we've got equity markets up, bonds up, yields down, oil prices down, and a fair bit to talk about on a week without a ton of big economic data.
But we are seeing a little bit of a drop, as I mentioned, in yields coinciding with Treasury Secretary Besant once again.
I don't know if he's trying to take credit for it or talk them down a little bit further.
But Yesterday, Chuck and I were talking a little bit about Besson's credibility issues.
And I don't remember which publication, but they were, you know, making the point that this guy might not have a lot of credibility.
It led me to the question, though, like we talk a ton about Federal Reserve credibility, the importance of the Fed, you know, sounding tough and being believed by the general public.
I do wonder about, you know, Treasury credibility, like where does that matter? Why does it matter? And how can it be helpful? if people actually believed Scott Besant when he said that he was going to bring down interest rates.
The theory on the Fed comes from a guy named Tom Sargent, who won the Nobel Prize in Economics.
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