Treasury Secretary Scott Bessent has a new plan in the fight to bring down historically high interest rates, and it’s got nothing to do with the Federal Reserve.

Treasury Secretary Scott Bessent said Donald Trump is not asking the Federal Reserve to lower its short-term interest rates, but what he and the president do want is to bring down longer-term borrowing costs via 10-year Treasury yields (^TNX).

Treasury Secretary Scott Bessent appeared on FOX Business Network's "Kudlow" and urged Republicans to make President Trump's tax cut permanent, rather than a temporary extension.