Bessent doubled the Treasury buyback and the long end still sold off. The two sided case for a de risking setup into yea

On Wednesday Treasury said it would at least double its buybacks to $4 billion per operation from Sept 9, targeting the 10 to 30 year part of the curve. Yields fell on the headline and by Friday the 30 year had erased the entire move and closed higher, back near its 19 year high around 5.28%. Bessent followed up publicly, calling $4B a floor rather than a ceiling and arguing the yields don't reflect the underlying fundamentals. For context, this is happening with federal debt now past $40 trilli

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