Treasury Secretary Scott Bessent defended his stewardship of the U.S. bond market amid rising Treasury yields, while acknowledging that investors occasionally succeed in betting against him. In an interview published Saturday, Bessent addressed earlier remarks in which he labeled himself as “the house” overseeing America’s debt market, emphasizing that the outcome is not always certain but favors long-term confidence.

Since his comments in September, bond yields have climbed to levels not seen in over a decade, reflecting increased borrowing costs for the government and influencing corporate and consumer interest rates. The yield on 10-year U.S. Treasury notes, a benchmark for global financial markets, briefly hit 5.34% last Thursday — the highest since 2002 — before retreating slightly to 5.24%, still near a 16-year peak.

Bessent attributed the recent uptrend in yields in part to elevated global oil prices driven by instability related to the conflict in Iran. He argued that despite higher yields, the U.S. bond market remains the strongest worldwide, with investors showing continued preference for U.S. debt over alternatives such as German or Japanese bonds.

Clarifying his “house” analogy, Bessent said his role gives him access to “superior information” on policymaker intentions but does not equate to controlling market movements. “I can’t control the bond market,” he said. “What I can do is try to get people to slow down and think.” The Treasury chief also criticized analysts he referred to as “Bloomberg terminal bros” for misunderstanding economic fundamentals and market dynamics.

The persistence of elevated Treasury yields signals ongoing uncertainty and market adjustments amid shifting economic conditions, including inflation and geopolitical tensions. Bessent’s comments reflect an effort to reassure investors of the Treasury’s commitment to managing debt issuance effectively, even as market volatility remains elevated.