U.S. Treasury Secretary Yellen: We are currently focusing on reducing bond yields, not interest rates.

U.S. Treasury Secretary Scott Piesent said late Wednesday that the government's focus is currently on reducing the yields on 10-year U.S. Treasury bonds, not on the short-term benchmark interest rate of the Federal Reserve.

In addition to that, Piesent's statements included the following:

• Failing to pass the proposed tax bill will lead to the largest tax increase in U.S. history.
• The government is now focusing on reducing the yields on 10-year U.S. Treasury bonds, not on lowering interest rates.
• President Donald Trump wants to lower interest rates, but he is not urging the Federal Reserve to do so.
• Interest rates will decrease on their own if the government can lower energy costs and liberate the economy.
• Tariffs are currently not focused on revenue.
• Tariffs aim to rebuild and strengthen the manufacturing base in the United States.