As the US and Japan join forces to support the yen, Treasury Secretary Scott Bessent wants the Federal Reserve to expand an obscure lending program. Here's what to know.
Why Bessent Wants a Bigger Fed Backstop to Support the YenOn the heels of one of the most dramatic currency‑market interventions in decades — a joint Japanese‑US effort beginning in late July to bolster the weakening yen — US Treasury Secretary Scott Bessent surprised financial markets by urging the Federal Reserve to expand an obscure lending program to aid Tokyo’s efforts to defend its currency.bloom.bg