The bond market is sending a signal that the Federal Reserve should be cutting interest rates, U.S. Treasury Secretary Scott Bessent said on Thursday, noting that yields on 2-year Treasury notes were lower than central bank's policy rate.

Treasury Secretary Scott Bessent said Thursday that the bond market is signaling that the Federal Reserve should be cutting rates. "We are seeing that two-year rates are now below fed funds rates, so that's a market signal that they think the Fed should be cutting,

President Donald Trump is badgering the Federal Reserve to cut interest rates, but even if the Fed gave in to the pressure, it wouldn’t necessarily lead to lower borrowing costs for consumers