Bessent Tried to Calm the Bond Market. It Made Things Worse.

TLDR

• The 10-year Treasury yield climbed to 4.85%, its highest point since November 2023
• Treasury Secretary Scott Bessent announced a $6 billion long-term bond buyback plan
• Wall Street had expected buybacks of up to $10 billion, with some hoping for $7-8 billion
• The buyback covers bonds expiring in 10 to 20 years, with six more operations planned through early November
• Rising oil prices and Middle East tensions added further pressure on yields

The 10-year Treasury yield jumped to its highest level since 2023 after Treasury Secretary Scott Bessent announced a $6 billion bond buyback plan that came in below what many on Wall Street had hoped for.

You can't make this up.

The US Treasury just announced it is tripling long-term buybacks to $6 billion and yields STILL rallied on the news.

That means the US Treasury went from doubling, to "at least doubling," to tripling long-term bond buybacks and yields are still rising.… pic.twitter.com/WWWtwBpzVw

- The Kobeissi Letter (@KobeissiLetter) September 9, 2026

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