Bessent Takes on the Bond Vigilantes

ImageAndrew here.Twenty-five years ago this morning, at this hour, I was finishing up a prototype of this very newsletter.

We were conducting a dress rehearsal and planning to launch DealBook that week.I’ll never forget the images of the planes striking the World Trade Center, or the hours and days in the newsroom, on the phone with anxious New Yorkers and Wall Street executives trying to account for their colleagues.I knew people who died that day.Sept.

11 shattered our sense of safety and our assumptions about the world and wrapped Americans in overwhelming grief.Yet in the weeks that followed, the country came together.

In a far less polarized era, leaders sought to bridge divisions rather than exploit them.We rallied together.While the attacks’ aftermath ultimately led to war and complex global consequences, I cannot help but return to this question: How would we navigate such a crisis in today’s climate? ImageFretting about 5% The global bond sell-off has slowed on Friday.

But the causes of the turmoil — soaring oil, inflation and debt worries — remain front and center.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access.If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe....