Bitcoin gains 1% to $62,800, Nasdaq futures rise 0.7%
Get the Finance newsletter
Daily finance — markets, central banks, M&A, the prints that move money. Free.
- Scott Bessent said on CNBC he supports Fed Chair Kevin Warsh's decision to scrap forward guidance, recalling he once profited by trading against the Fed's "dot plot" expectations.
- Bessent's endorsement suggests he is discounting the hawkish rate-hike forecasts embedded in last week's Fed "dots," per the article.
- Bitcoin rose roughly 1% to $62,800 alongside Bessent's remarks, though CoinDesk's headlines frame the move as clinging to $62,500 amid tightening bearish grip.
- Nasdaq 100 futures climbed 0.7% to session highs following the comments, as equities attempted to recover from the prior session's steep losses.
- The 10-year Treasury yield slipped 3 basis points to 4.46%, reflecting bond market relief from the Bessent commentary.
- Bessent projected 3% or higher GDP growth this year and expects the budget deficit to narrow to under 4% of GDP by the end of Trump's term, though he anticipates little progress in 2026.
Why it matters: With Bessent publicly aligning with Warsh's push to scrap forward guidance, the Treasury is signaling less credibility for the Fed's hawkish dot-plot — which already moved yields lower and risk assets higher. That Treasury-Fed alignment on communication could reduce the predictability markets currently price in, potentially amplifying volatility whenever future rate decisions diverge from the dots.
Ask SkimNews
