Bessent's Bond Battles: A Crisis of Credibility in the Treasury Market Treasury Secretary Scott Bessent's recent efforts to quell liquidity problems in the government debt market have fallen short, leaving markets skeptical and wary.
His two pronged approach – accelerated buybacks and attempts to talk down yields – has met with limited success.
The Treasury's decision to double its bond buybacks starting in early September initially sent yields tumbling, but this relief was short lived as market experts expressed skepticism about the plan's chances of success.