Analysis

‘It’s tell your grandchildren I was there’ day as $1.3trn trade unwinds

We might be able to suck up a cratering sharemarket as part of shake out of financial excess. But the excesses in the bond market may be even more painful.

Jonathan ShapiroSenior reporter

Apr 9, 2025 – 10.45am

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Treasury Secretary Scott Bessent likes to describe his job as a glorified bond salesman. The former hedge fund manager believes he has to sell America’s debt to the rest of the world and extract the best deal rate for it.

That’s why he’s repeatedly said in interviews that he’s less worried about a falling sharemarket than he is the level of the 10-year bond rate.

Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney.