The Trump administration's focus on lowering borrowing costs is on the 10-year Treasury yield rather than the Federal Reserve's benchmark short-term interest rate, Treasury Secretary Vincent Bescent said. "He and I are focused on the 10-year Treasury," Mr. Bescent said in an interview on Fox Business Channel when asked if President Donald Trump wanted to lower interest rates. "He's not calling on the Fed to lower interest rates." Mr. Bescent reiterated his view that by expanding access to energy, inflation would be reduced. As far as working Americans are concerned, "energy prices are one of the most reliable indicators of long-term inflation expectations for them," he said. Regarding the Fed, "I'm only going to talk about what they've done, not what I think they should do from now on," Mr. Bescent added. He said 10-year Treasury yields climbed after the Fed "cut interest rates significantly."