Which interest rates affect us the most?

I'm David Brancaccio in Los Angeles.

The new Secretary of Treasury, Scott Besant, says when it comes to interest rates,

he's less worried about what the Federal Reserve will do and more focused on one particular number,

the 10-year Treasury yield.

Explanation is required.

Here's Marketplace's Nova Saffo.

The Federal Reserve sets short-term rates, which ripple throughout the economy, but a whole

host of factors can influence another key number, the 10-year Treasury yield, which

itself affects consumer borrowing costs. In an interview on Fox Business, Treasury Secretary

Scott Besson said he and President Trump are focused on lowering that number.

We cut the spending, that we cut the size of government, we get more efficiency in government, and we're going to go into a good interest rate cycle.

Selling less government debt could lower the interest rates the government has to offer for that debt.

The Treasury Department could also change the mix of its debt offerings, something Besson accused his predecessor of doing, which Janet Yellen denied.

Investors also send yields higher or lower based on where they think inflation is headed, and tariff policies have complicated that picture.

I'm Novice Alpha for Marketplace.

As of tomorrow, the Trump administration is putting almost all employees of the U.S. Agency for

International Development on leave, a rally on Capitol Hill yesterday as part of an emerging pushback.

Marketplace's Nancy Marshall-Genzor was there.

U.S. AID supporters at the rally held signs, saying things like USAID saves lives and save USAID.

They chanted.

USA!

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