The Treasury's capacity to intervene is still limited relative to the $40 trillion national debt, at least without the Fed's coordination and its limitless capacity to create money from thin air.

President Trump denied directing Treasury Secretary Bessent to double the bond buyback program to $4 billion as yields whipsawed and US debt

The US Treasury doubled long-term bond buybacks to $4 billion per issue, directly challenging Fed Chair Warsh's hands-off approach to rising

US Treasury bond intervention struggles as yields rebound. Gold reaching $4,700 in August 2026 now at 57.9% YES.

By Joy Wiltermuth and Isabel Wang