Treasury Secretary Scott Bessent has a new plan in the fight to bring down historically high interest rates, and it’s got nothing to do with the Federal Reserve.

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.

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.