Treasury Secretary Scott Bessent has a new plan in the fight to bring down historically high interest rates, and it’s got nothing to do with the Federal Reserve.

Treasury Secretary Scott Bessent said Donald Trump is not asking the Federal Reserve to lower its short-term interest rates, but what he and the president do want is to bring down longer-term borrowing costs via 10-year Treasury yields (^TNX).

Treasury Secretary Scott Bessent on Wednesday signaled that the White House wants Trump's tax cut package from 2017 to be extended permanently before their expiration this year, rather than a temporary extension.