"I would be worried if we had some kind of peculiar upswing. We don't see a development where people sell US government securities and instead buy, for example, German or Japanese bonds," he said.
During the week, the US 10-year bond yield has climbed to 5.34 percent and the 30-year yield is now around 5.68 percent. Both have thus risen to levels not seen since 2002.
"I can't control the bond market. What I can do is try to get people to calm down and think," Bessent said.
