PremiumFollowing a rough week for stocks, Wednesday's Bessent and Korea-inspired (read SK Hynix record buyback-inspired) modest bounce notwithstanding, Thursday was a mess for risk assets out of the gate, with stocks sliding since the early morning for one main reason: Treasury yields recovered all of their Wednesday losses following the Treasury's shocking announcement of a buyback boost, with the 10Y actually trading as much as 3bps higher than where it was yesterday morning before the buyback press release hit (30Y yields also briefly erased all their losses before dipping modestly lower in the afternoon).