Bessent Pledges More Buybacks as Yields Still Surge
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- Bessent doubled Treasury bond buybacks the prior day and stated he's ready to increase them further, explicitly aiming to push down long-term yields.
- The doubled buybacks have not stopped a surge in long-term Treasury yields, and Bessent's broader Treasury market interventions have not achieved their intended effect so far.
Why it matters: Bessent's already-doubled buybacks haven't stopped the yield surge, per the cited coverage — the disconnect between the Treasury's stated actions and the bond market's response leaves long-term borrowing costs moving against Bessent's stated goal.
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