FX Daily: Introducing the Bessent Put in Treasuries
EUR/USD — All Desk Targets
| Firm | Stance | YE 2026 |
|---|---|---|
UOB | Bearish | 1.1140 |
ABN AMRO | Bullish | 1.1500 |
Bank of America | Bullish | 1.1500 |
From the original
For many years, the market spoke of a 'Greenspan Put' in equity markets, where investors were protected from much lower stock prices by the assumption that the Fed would cut rates. Yesterday's intervention in the Treasury market suggests the recent rise in longer-dated yields has
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Here’s how US Treasury Secretary Bessent could tempt the 10yr yield back down
The desk interprets recent commentary by Padhraic Garvey regarding potential actions by US Treasury Secretary Bessent to lower the 10yr yield, emphasizing that aggressive buybacks and auction cancellations could impact long-end swap rates. Per the full note [source], the current landscape hints that while yields are not excessively high relative to SOFR rates, a significant Treasury market sell-off could provoke a much-needed adjustment. With upcoming targets for EUR/USD, GBP/USD, and USD/JPY also in play, the desk believes the Treasury might be considering interventions, albeit not until absolutely necessary.