Bessent's Bond Buyback Backfires as Yields Spike, Dow Drops 440 Points

4.85% — The 10-year Treasury yield surged to its highest level since November 2023 after Treasury Secretary Scott Bessent's attempt to cool the bond market spectacularly backfired.

A $6 Billion Bid Does Not Fill a $2.1 Trillion Hole

Bessent tripled the Treasury's bond buyback operation to $6 billion on Wednesday, aiming to sop up excess supply and push yields lower. Instead, the 10-year yield spiked from 4.65% to 4.84%, the 20-year hit 5.31%, and the...