PremiumA lot of digital ink has been spilled (especially on this website) discussing how and why Bessent's "Buyback Bluff" failed to push bond yields lower, with countless reasons cited including most notably that the size of the Treasury buyback boost was too tiny, while inflation, the deficit, and total debt are just too damn big for the Bessent overture to make any dent in the big picture. And sure enough, yields did blow out heading into Monday morning, chasing the rising price of oil, and only the follow up leak to CNBC this morning that intervention was backed by the cash from the Treasury's General Account (as much as $954 billion as of today) ...