The article examines US treasury secretary Scott Bessent’s expanding role as Donald Trump seeks to use economic pressure against Iran following a six-month bombing campaign. It argues that this, alongside Trump’s tariffs and the United States’ rising debt burden, will test whether Bessent can restrain the president’s policies or instead lend them credibility. Critics quoted in the piece strongly question his competence, while supporters had hoped his background would make him a moderating cabinet figure.

Bessent, a former hedge fund manager, Soros associate and former Democratic donor, was confirmed by the Senate 68–29 and became the first openly gay US treasury secretary. With US national debt above $40tn and long-term Treasury yields near two-decade highs, he has faced rising borrowing costs and market pressure. Recent actions include a joint intervention to support the Japanese yen and a plan to raise buybacks of 10-to-30-year bonds to at least $4bn per operation; the article says the resulting fall in yields was short-lived.