Bessent's bond buybacks can't pin down yields — the bond vigilantes aren't buying it
Treasury Secretary Bessent's pledge to ramp up long-bond buybacks was supposed to cap yields. It hasn't: the 30-year sits near 5.24%, a 19-year high, even as the government promises more tools. Traders see a Treasury unable to manage a $40 trillion debt pile, with bond vigilantes effectively dictating terms. And the cost isn't just Wall Street's — mortgage, car and credit-card rates move with those yields.