Bessent Says French Bond Market Turmoil Won’t Spill Over

Bessent's dismissal of contagion is a notable signal from the U.S. Treasury, effectively putting official weight behind the view that French fiscal stress stays contained. The reassurance matters most for holders of euro-area peripheral debt, who take comfort from a senior U.S. official vouching for Macron's economic team rather than from any market-based measure. The open question is whether that confidence holds if French yields keep climbing, since a verbal endorsement does little to change the underlying fiscal arithmetic.