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.

On January 31, 2025, the CFPB announced President Donald Trump had appointed Scott Bessent as Acting Director of the CFPB. In a brief statement, Bessent expressed his commitment to advancing the administration’s agenda to lower costs for Americans and accelerate economic growth.

Treasury Secretary Scott Bessent said Donald Trump is not asking the Federal Reserve to lower its short-term interest rates, but what he and the president do want is to bring down longer-term borrowing costs via 10-year Treasury yields (^TNX).