According to BlockBeats, on September 16th, U.S. Treasury Secretary Bessenter testified before the House Financial Services Committee. In his opening statement, he stated that the U.S. economy is regaining momentum, citing the Atlanta Fed's GDPNow model, which projects a 4.4% annualized growth rate for real GDP in the third quarter. This figure is a high-frequency model forecast, not the final GDP figure released by the U.S. government; however, amid market concerns that high interest rates are beginning to erode consumption and business investment, Bessenter clearly wanted to use growth projections to demonstrate that the U.S. economy can still withstand current interest rate levels.
The second main theme focuses on the bond market. In response to inquiries about the 10-year US Treasury yield exceeding 5%, Bessant stated that the US dollar remains a strong global reserve currency, and the performance of the two recent US Treasury auctions was among the strongest in the past two decades. He believes that the rise in long-term yields reflects more global factors than a loss of market confidence in the US fiscal and financing capabilities. This statement effectively defends the Treasury's recent bond issuance and repurchase operations: the government wants the market to believe that demand for Treasury bonds, auction order, and the dollar system remain stable.
The most politically and market-sensitive statement came from Trump's proposal of a $5,000 payment to each adult. Bessant stated that Trump's intention to push forward with this plan was "very real," linking it to whether the Republicans could retain control of the House and Senate after the midterm elections. He did not disclose the source of funding, details of recipients, or implementation timeline, only stating that there were ways to proceed without expanding the federal deficit; if congressional legislation was needed, the Treasury Department would work with House Speaker Johnson.