Treasury Secretary Scott Bessent spent weeks daring bond traders to bet against him. The language he used was more suited to a poker table than a cabinet office.
The bond market took the bet. It has not been pretty for Washington's point man on the economy.
Bessent is now changing his tone, trading combative declarations for quieter talk about patience and process.
Here is the full story behind the retreat, the numbers that forced it, and what investors should be watching next.
Also read: Goldman Sachs expresses doubts about Scott Bessent's plan

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