Episode summary
Week of Whiplash in Treasuries Is Closing With Muddied Outlook | Bloomberg Businessweek
Bloomberg Businessweek Daily
· · 36 min · Hosts: Carol Massar, Tim Stenovec · Guests: Ira Jersey, Sarah Hunt, Ava Benny-Morrison, Ilena Peng, Vance Howard, Lisa Jarvis
Summary
Treasuries were the lead story, with the host and market strategists arguing that Treasury Secretary Scott Bessent’s intervention in the long end of the curve was bigger as a signal than as a mechanical market fix. Bloomberg Intelligence’s Ira Jersey and Alpine Saxon Woods’ Sarah Hunt said the move looked underwhelming in size, left yields broadly flattish over the week, and raised questions about whether Treasury and the Fed are coordinating. They also flagged the risk that shifting issuance toward T-bills could become a problem if the Fed needs to raise rates again.
The discussion broadened to whether higher rates and heavy AI-related capital spending are crowding out other borrowers, with Hunt saying a slowdown in data-center buildout could actually help investors by easing pressure on capital markets. The episode also covered Bloomberg’s reporting on the Justice Department probe into Guggenheim-linked insurance businesses and the role of credit rater Egan-Jones, as well as President Trump’s 90-day tariff relief for some ground beef imports aimed at lowering prices.
The final segment focused on Moderna and Merck’s personalized mRNA cancer vaccine, which showed promising melanoma results. Bloomberg Opinion’s Lisa Jarvis called it a major breakthrough for both mRNA and personalized cancer vaccines, while warning that the key question is whether the treatment works beyond melanoma and can overcome lingering skepticism about mRNA technology.
Key takeaways
- Ira Jersey said Bessent’s Treasury move looked too small to solve a large long-end yield problem, and compared it to an underpowered intervention.
- Sarah Hunt argued the announcement mattered partly as a signal that government can still change the rules for markets.
- The host and Hunt said AI capex and government borrowing are both competing for credit, which could ease if data-center spending slows.
- Ava Benny-Morrison said the DOJ is seeking Egan-Jones records as part of a wider probe into insurance-company loans tied to Mark Walter, not because the rating firm is necessarily a target.
- Lisa Jarvis said Moderna and Merck’s mRNA cancer vaccine is a real advance, but melanoma is still the easiest place to prove the concept.
Notable quotes
“I think that it was a surprise that they that he came out and said, "This is what we're going to do in the long end of the curve”
“if it's going to work and if the the president and and Treasury Secretary are really serious about getting long end yields down, they have to do this in size”
“I think that there was definitely concern about how much money was being raised how fast and at the same time you've got the government racing into raise”
“what we've learned over the past few days in our reporting is that the DOJ is requesting information from Egan Jones”
“I think it's actually two breakthroughs. One for mRNA technology because we have not seen in a large stage trial and an an mRNA based therapy succeed um in cancer”
How the episode opens
Bloomberg Audio Studios, podcasts, radio, news. This is Bloomberg Business Week Daily. Reporting from the magazine that helps global leaders stay ahead with insight on the people, companies, and trends shaping today's complex economy.
Plus, global business, finance, and tech news as it happens. The Bloomberg Business Week Daily podcast with Carol Masser and Tim Stenbec on Bloomberg Radio. Let's get to what has been the week of whiplash when it comes to US treasuries.
Uh and really a focus on rates too around the globe. We've got a great round table. I Jersey Bloomberg Intelligence chief US interest rate strategist and Sarah Hunt chief market strategist at Alpine Sax and Woods.
Both here in studio. Traders are increasingly questioning um what Treasury Secretary's next move will be after what's been I think it's safe to say a bit of a turbulent market uh bond market this past week. Um Sarah, how do you see it?
I think that it was a surprise that they that he came out and said, "This is what we're going to do in the long end of the curve. I think everyone's been looking at Worsh, Chairman Worsh, and looking at the Fed and seeing what's going to happen with interest rates there. I don't think that people were expecting the Treasury Secretary to come out and and make his own news on this particular front.
And I think there are, as you can see, quite a lot of questions about one, how this is actually going to work mechanically. Two, whether or not this is going to actually help the long end of the curve, which was arguably the idea because you you roundt that already
Because it did and didn't. — It did and it didn't. And and and on the other hand, gold is just like, okay, we're gone.
From the episode’s captions: roughly the first two minutes, lightly cleaned. Keep watching on YouTube →
Topics
- treasuries
- interest rates
- rate hike outlook
- business activity data
- scott bessent intervention
Companies and tickers mentioned
- Bloomberg Intelligence
- Alpine Saxon Woods
- Howard Capital Management
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Summary, takeaways and quote selection by Octagon. Quotes are short excerpts; the full conversation is in the episode.
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