Treasury Doubles Long-Bond Buybacks; Street Skeptical

Treasury Secretary Bessent announced at least doubling long-dated bond buybacks — up to $69 billion through November 5 — after a selloff pushed yields (the interest rate the government pays borrowers) to multi-year highs. Yields fell on the news. Wall Street strategists called it a "drop in the bucket" against $27 trillion in marketable debt and ongoing deficit-driven issuance. The November 4 Quarterly Refunding will test credibility.