Bessent’s move to tamp down rising rates backfires, as bond yields jump and stocks tumble - NBC News — SkimNews
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- Bessent launched a $6 billion bond buyback plan through the US Treasury aimed at tamping down rising rates, but the move backfired as bond yields jumped and stocks tumbled.
- The 10-year Treasury yield touched its highest level since 2023 despite the buyback, with the bond market rebuffing the Treasury's intervention.
Why it matters: The $6 billion buyback was designed to ease borrowing pressure, yet the 10-year yield hit its highest since 2023 and stocks tumbled — meaning the Treasury's intervention deepened the very rate stress and equity selloff it was meant to prevent.
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