U.S. Treasury Secretary Scott Bessent said Wednesday he expected the bond market to come down after a savage selloff in U.S. bonds sparked fears that foreign funds were fleeing U.S. assets.

"I think that it is an uncomfortable but normal deleveraging that's going on in the bond market, and I expect that as we see the leverage come down, the risk managers tapping people on the shoulders, telling them to bring their books down, which is what happens every couple of years, as leverage builds up, then the market will come down," Bessent said in an interview with Fox Business Network.