Trump explicitly denied having instructed Treasury Secretary Scott Bessent to intervene in the bond market. Bessent expanded the Treasury’s bond buyback program to $4 billion per operation starting in September, focusing on longer-dated securities. The 30-year Treasury yield briefly fell 16 basis points from 5.34% to 5.18% before quickly rebounding, with traders viewing the move as insufficient. U.S. public debt has surpassed $40 trillion, and structural pressures from elevated corporate borrowing and persistent inflation continue to push yields higher. For bond investors, the quick yield rebound indicates that the buyback signal alone is not shifting the market’s long-term yield expectations.
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