Treasury Secretary Scott Bessent testified before the House Financial Services Committee on Tuesday, defending the Trump administration's war in Iran and its economic agenda. The hearing occurred as the yield on 10-year Treasury bonds surpassed 5 percent, reaching a 19-year high, increasing borrowing costs for Americans.

Maxine Waters, the panel's top Democrat, pressed Bessent on persistent inflation and high consumer prices, leading to heated exchanges where they frequently spoke over each other. Bessent maintained that bond auctions remained strong and highlighted "very good" private discussions with Chinese officials, including He Lifeng, regarding severing economic ties with Iran ahead of President Xi Jinping's upcoming U.S. state visit.

The hearing was briefly disrupted by protesters accusing Bessent of being a war criminal. In his prepared remarks, Bessent credited President Trump with an economic turnaround, blaming the prior administration for 21.5 percent price increases. The testimony coincided with the Federal Reserve's meeting, where a quarter-point interest rate hike was widely expected.