Bessent’s Bond Gains Wiped Out as Treasury Yields Jump Again

Treasury yields on long-dated US government bonds have surged back to pre-intervention levels, erasing the market gains that followed Treasury Secretary Scott Bessent's announcement of an expanded buyback program last month. Despite Bessent's efforts to stabilize the bond market through increased purchases, yields have resumed their upward trajectory. The reversal suggests that market forces are overwhelming the Treasury's attempt to manage bond prices.