Treasury Secretary Scott Bessent discussed the decision to make a surprise change to debt-management in a CNBC interview on Thursday. Bessent said markets weren’t properly pricing fundamentals, warranting a more activist approach. He also said plans for fiscal consolidation are forthcoming. “We're trying to signal that we think that this is a thinly traded area of the market, that we're in August, and there's been a lot of corporate issuance that's influenced the market. And we believe that there are many underlying factors in turn that the market is not looking at, and we are going to make a market in these.” “We believe that the yields don't reflect the underlying fundamentals…. We believe that the liquidity, especially in the 30-year point, is very poor. And we are in the administration, we are, be announcing probably at the end of this week, beginning of next week an increased focus on fiscal consolidation.” “People have bad information. I have asymmetric information, so I think that the market should think, well, why would we have joined the Japanese in the intervention at this time? Do we know something the market doesn't know that, in terms of being willing to do you know what I would call a Treasury twist here in terms of the bond market? What do I know that the market doesn't know? So I think the market's probably gotten a little ahead of itself, a lot of people not much to do in August.”(Nick Timiraos)