Bessent, Bonds, Buybacks & Backstops

It's been quite a few days for the U.S. bond market, with investors still sizing up the latest fallout and where things may go from here. Under the direction of Secretary Scott Bessent, the U.S. Treasury on Wednesday announced that it would double its buybacks to serve as a backstop for longer-maturity government bonds (a.k.a. preventing the 30-year Treasury yield from continuing its upward trajectory).