BESSENT MEETS CHINESE VICE PREMIER AHEAD OF TRUMP-XI SUMMIT

US Treasury Secretary Scott Bessent is scheduled to appear on CNBC's Squawk Box programme on Monday at 8am. The appearance comes as the Trump administration faces public concern over rising fuel prices, interest rates and risks linked to artificial intelligence. It follows a weekend meeting between Bessent and Chinese Vice Premier He Lifeng, ahead of a Washington summit this week between Trump and Xi Jinping. Bessent said the talks with He Lifeng were successful and covered artificial intelligence and trade. He had told Axios last week that he was open to discussing shared AI risks with China during the meeting.

The US Treasury Department last week highlighted a buyback, completed on 10 September, of more than $5 billion in 10-year and 20-year Treasury notes. Bessent told the House Financial Services Committee on 15 September that the buyback had been successful. Yields on the 10-year Treasury note, which move inversely to its price, have continued to rise since the operation. The 10-year yield has risen by about 100 basis points since the war between the United States and Israel against Iran began in late February, climbing above 5% last week for the first time since 2007.

Mortgage rates in the United States topped 7% this month for the first time in more than a year, a rise linked to the increase in Treasury yields. Bessent's television appearance and his meeting with He Lifeng come as preparations continue for the Trump-Xi summit in Washington later this week. The two officials' talks are reported to have addressed both artificial intelligence risks and broader trade issues between the two countries. No further details of the summit agenda have been disclosed.