Bad money decisions are coming home to roost for the US and Japan

The US Treasury market is in trouble, oil prices have been surging and the yen might slide again.

Whatever Treasury Secretary Scott Bessent might have said, the United States government isn’t big enough to be “the house” that always wins when it comes to fixing global markets.

Last week, the 10-year US Treasury yield briefly reached 5.04 per cent, the highest level since 2007, right before the global financial crisis.

Bessent had tripled a Treasury buy-back operation on September 10 to US$6...