U.S. Treasuries surge despite Bessent buyback intervention

U.S. Treasury yields rebounded after Treasury Secretary Scott Bessent’s buyback-intervention relief, indicating investors are still discounting rate risk. In a CNBC interview, Bessent said he is prepared to expand the buyback operation beyond the current $4bn level. Net impact is unclear near-term as the announced willingness to do more is offset by the yield rebound following the initial intervention.

Analysis

U.S. Treasury yields rebounded after Treasury Secretary Scott Bessent’s buyback-intervention relief, indicating investors are still discounting rate risk. In a CNBC interview, Bessent said he is prepared to expand the buyback operation beyond the current $4bn level. Net impact is unclear near-term as the announced willingness to do more is offset by the yield rebound following the initial intervention.