Fed, Bessent Fight For Credibility As 10-Year Treasury Yield Tops 5%

Federal Reserve Chairman Kevin Warsh and Treasury Secretary Scott Bessent both face credibility tests this week in their respective roles of fighting inflation and serving as the nation's top bond salesman. With the 10-year Treasury yield holding near 5% on Tuesday, only one appears to have a good chance of success. A hawkish outcome of Wednesday's Fed meeting, including a…