Bond Market Rebukes Bessent by Sending Borrowing Costs Ever Higher, tell me about this news in (https://www.nytimes.com/2026/09/14/business/bond-market-scott-bessent.html)

The report covers a significant surge in United States government borrowing costs, culminating on September 14, 2026, when the benchmark 10-year U.S. Treasury yield crossed the psychologically critical 5 percent threshold for the first time since 2023.Core Drivers of the Market Move

• Rejection of Treasury Interventions: In an effort to calm what Treasury Secretary Scott Bessent termed a “fever” in the sovereign bond market, the Treasury launched upsized buyback operations for longer-dated government bonds (increasing operations to between $4 billion and $6 billion). Rather than reassuring Wall Street, investors largely viewed the intervention as too timid to counter the massive volume of sovereign issuance. The buyback was seen by fund managers as signaling Treasury nervousness rather than projecting decisive control.
• Inflation and Geopolitical Strain: Bond yieldswhich move inversely to bond pricessurged alongside a sharp rise in global energy prices. Brent crude climbed past $105 to nearly $109 per barrel amid escalating conflict involving Iran and supply disruptions around the Strait of Hormuz, stoking renewed inflation expectations.
• Fiscal Deficit and Supply Pressures: Investor apprehension deepened over mounting U.S. national debt, which recently passed the $40 trillion mark, alongside heavy issuance of both government bonds and corporate debt tied to the AI sector.
• Federal Reserve Expectations: The spike in yields placed bond markets on edge ahead of a crucial Federal Reserve meeting, where traders were pricing in tighter policy conditions to counteract renewed price pressures.

Broader Economic ImplicationsA sustained 10-year Treasury yield above 5 percent serves as a benchmark for trillions of dollars in worldwide assets. Higher yields directly push up borrowing costs across the economyincluding mortgage rates, business loans, and consumer creditwhile drawing capital away from global stock markets and sharply increasing the government’s own debt-servicing expenses.