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After a turbulent stretch for the US bond market, traders are heading into the weekend with questions about what Treasury Secretary Scott Bessent’s next move will be. Treasuries slipped Friday, led by the short end, after data showed business activity grew at its fastest pace in more than four years, backing the case for interest-rate hikes. Bloomberg Intelligence's Ira Jersey and Alpine Saxon Woods' Sarah Hunt break down the weeks' moves, and the impact of Bessent's intervention.

On today's episode:

• Ira Jersey, Bloomberg Intelligence Chief US Interest Rate Strategist & Sarah Hunt Alpine Saxon Woods Chief Market Strategist
• Ava Benny-Morrison, Bloomberg News Senior Legal Reporter
• Ilena Peng, Bloomberg News Agriculture Report & Vance Howard, Howard Capital Management CEO & Portfolio Manager
• Lisa Jarvis, Bloomberg Opinion Columnist