Treasury Secretary Scott Bessent told a Breitbart News economy forum on Tuesday that American government debt has outperformed every other major market since Donald Trump took office and that five-year-ahead inflation forecasts have stayed level or fallen.

He described Treasury buybacks of older, less-traded notes as ordinary market-making that restores liquidity so investors can shift into newly issued securities, not as an attempt to ease policy or override the Federal Reserve. Bessent said the operations also aim to replace speculative narratives with facts and to nudge prices back toward balance whenever they drift, a pattern he called worldwide rather than unique to the United States.

He added that genuine credit fears would have driven money out of Treasuries and into German bonds, yet the reverse has occurred.