Treasury's Bond Buyback Rally Fizzles; 30-Year Yield Climbs Back to 5.27% as Bessent Vows More Intervention, Trump Denies Ordering It
- Bessent's Wednesday doubling of long-dated buybacks to $4B+ per operation from Sept. 9 briefly pushed the 30-year yield down to 5.196% and 10-year to 4.647%, but yields have since given back nearly all of the move;30-year now around 5.27%, 10-year near 4.69% (Reuters, CNBC, Yahoo Finance).
- Trump told Reuters he 'did not direct Bessent to intervene in bond market,' underscoring friction with Fed Chair Warsh; Bessent separately said he is 'confident' yields will keep declining and may increase buybacks again (Reuters, FoxBusiness).
- Bloomberg says Bessent's 'bond maneuvers are giving the global debasement trade new life' — Dalio advised selling bonds and buying gold/Bitcoin — and a MarketWatch piece flagged Treasury buybacks as sparking a gold and Bitcoin rally (Bloomberg, MarketWatch).