The puzzle of why the Trump administration is so concerned with a falling yen has historical parallels not to the 1930s or the 1980s, but to the 1960s, when US officials feared that a crisis elsewhere could spread to America. With US bond yields spiking, Treasury Secretary Scott Bessent is getting desperate.

The U.S. dollar weakened near three-month lows as Treasury bond buybacks calmed markets. Long-term Treasury yields retreated from recent nineteen-year highs after the Treasury's…

Harold James explains what is really driving the Trump administration's currency- and bond-market interventions.