The Trump administration's emerging focus on long-term Treasury bond yields may show growing sensitivity to market constraints that could impede President Donald Trump's economic plans, while also getting the Federal Reserve out of his direct line of fire.

Treasury Secretary Scott Bessent said Donald Trump is not asking the Federal Reserve to lower its short-term interest rates, but what he and the president do want is to bring down longer-term borrowing costs via 10-year Treasury yields.

The Trump administration isn't looking to clash with the Federal Reserve over interest rates, Treasury Secretary Scott Bessent told said. Instead, the focus of the White House is on lowering Treasury yields as a way to ease borrowing costs.