Bessent Doubled Buybacks, Yields Went Higher: A Headache For Warsh At Jackson Hole

The Treasury doubled its long-end buyback cap on Wednesday, and the 30-year fell 9 basis points, but the entire move was gone within a day. Treasury Secretary Bessent now has two open requests that only the Federal Reserve can grant, and Fed Chair Kevin Warsh delivers his first Jackson Hole keynote on Friday the 28th.