The Corporate Bond Market is overloaded with bonds being issued the finance the construction of the AI infrastructure.
So Bessant is having a tough time talking down interest rates when the Feds are $40 trillion in debt and the AI boys are asking for billions of dollars at the same time.
I will wait to see if Bessant can pull the proverbial rabbit out of the hat.
If anyone can pull the rabit out of the hat, it will be Scott Bessent. He is brilliant.