Ghalibaf mocks US Treasury chief as 10-year bond yields breach 5.1%
Tehran - BORNA - Reacting to benchmark borrowing costs reaching multi-decade highs, Ghalibaf directly targeted US Treasury Secretary Scott Bessent in a post published in English on his official X account.
"Happy 5.1% 10Y America . Mashallah. Celebrate: it’s the floor two years out," Ghalibaf wrote.
"You wanted Iran dragged back to 1970s? Nobody told you Iran isn’t for arrogant amateurs? We’ll return you to 1970s rates, plus high gas prices, diesel shortages and bell-bottoms. Enjoy the nostalgia!" the speaker added.
The post was accompanied by a collage featuring the cartoon character Wile E. Coyote alongside international financial headlines highlighting market turbulence. The headlines included reports on steep sell-offs across the Dow Jones and Nasdaq, warnings that "A Perfect Storm Is Raging in the Bond Market," commentary on "Scott Bessent’s wobbly house," and previous remarks where Bessent challenged traders betting against him by declaring "I am the house".
The spike in borrowing costs saw the yield on the benchmark 10-year US Treasury note touch its highest level since 2007, while the 30-year yield advanced to 5.4%, reaching levels unseen since 2004.
The market turmoil unfolds as Bessent continues media appearances aimed at reassuring investors that Treasury mechanisms remain capable of stabilizing economic indicators independently of Iran's control over maritime transit through the Strait of Hormuz. Market observers argue the bond sell-off underscores that primary macroeconomic pressures are increasingly bearing down on Washington.
Reflecting market sentiment, prominent financial commentary newsletter The Kobeissi Letter noted that administrative tools have struggled to contain the sell-off: "Despite multiple efforts and interventions by the US Treasury, nothing is working. It has become clearer than ever that the only way to lower these bond yields in the short term is to end the war against Iran and the ongoing global energy crisis."
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