|
Today, according to the Trump administration, is “economic D-Day” for Iran. But America's assault, intended to cut Iran off from the global economy, so far lacks firepower. Iran will be able to resist, say our correspondents.
Scott Bessent, who unveiled those D-Day plans, is also grappling with another challenge: rising bond yields. America’s budget deficit is 6% of GDP, the widest ever outside recession and wartime. On August 19th the Treasury said federal debt had topped $40trn (around 130% of GDP). Bond markets have noticed. Mr Bessent’s attempts to talk yields lower are likely to fail. | 
