Bessent's Treasury buyback is a drop in the bucket, and the bond rout knows it
Treasury Secretary Bessent doubled long-dated bond buybacks to try to arrest a selloff in long-term U.S. debt. It worked for about a day. Longer-maturity yields snapped right back, and money managers shrugged the plan off as a drop in the bucket next to $40 trillion of debt. The real message for investors: no easy fix, and higher borrowing costs ahead.