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The stock market was roughly flat over the past two weeks as the bond sell-off took shape. (Yuki Iwamura/AP)

Bessent acts to break bond market fever, head off rising borrowing costs

 What to know

U.S. borrowing costs reached their highest level since 2007, amid surging public debt, Middle East conflict and Federal Reserve uncertainty. The 30-year Treasury yield topped 5.3 percent, impacting borrowing costs for businesses and consumers. Hedge funds now hold significant Treasury positions, raising concerns of market stress. The U.S. government faces increased interest expenses alongside a $40 trillion national debt.

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