Scott Bessent has emerged as the most interventionist U.S. Treasury secretary in decades, multiplying surprise maneuvers to curb the rise in bond yields. He notably announced in early September that he would double purchases of 10- and 30-year securities, after triggering in July the first yen purchases by U.S. authorities in three decades. The budget deficit for 2026 already stands at $1.8 trillion, up 5 percent year-over-year, fueling concerns about debt sustainability. These interventions temporarily pushed 10- and 30-year yields down by 6 and 9 basis points respectively on the day of the announcement, but analysts stress that structural factors pushing rates higher remain in place.
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