The Humbling of Scott Bessent
- Posted on August 24, 2026
- By The New Yorker
- 1 Views
- 1 min read
In brief
Scott Bessent, the Treasury Secretary who famously participated in the 1992 speculation against sterling, now faces an ironic reversal of fortune. Once a market agitator exploiting currency vulnerabilities, he now confronts the challenge of managing escalating bond yields as a government official. This dramatic role reversal illustrates how market dynamics and policy pressures create unprecedented obstacles for seasoned financial figures transitioning to public service roles.
Summary auto-generated by AI from the original publisher's content. Editorial standards.
The Humbling of Scott Bessent
Thirty-odd years ago, the Treasury Secretary was one of the speculators who broke the Bank of England in a famous trade. Now he’s on the other side of the markets, struggling to contain rising bond yields.
