Last night, Bessent reassured the bond market, stating that through economic growth and spending constraints, the U.S. can 'very quickly' change its debt trajectory and start reducing the debt-to-GDP ratio—exactly what the bond market 'most wants to hear' right now. He mentioned that third-quarter growth was 'significantly above 3%' and could be sustained; the truly important factor is the debt-to-GDP ratio. 'We will start reversing this curve and bringing it down... I think this could happen very, very quickly.' The direction Bessent outlined—starting to lower the debt-to-GDP ratio—is indeed what the bond market wants to hear and see. If GDP growth outpaces debt growth, the debt-to-GDP ratio will naturally decline over time. However, the gap is still quite large for now, so in the short to medium term, aside from focusing on economic growth, there needs to be a concrete fiscal consolidation plan. Both increasing revenue and cutting expenses must go hand in hand to achieve results.