Treasury Secretary Scott Bessent attempted to lower long-term bond yields through a Treasury twist by buying back long-dated debt and selling short-term securities. The move initially lowered yields but they rebounded, with the 10-year benchmark closing at 4.73%, near its highest since he took office. Rising yields are driven by record US debt surpassing $40 trillion, increased corporate bond issuance from AI-driven hyperscalers like Alphabet Inc., inflation from energy market disruptions, and uncertainty around Fed Chairman Kevin Warsh’s strategy.

Market observers like Matt King of Satori Insights and Edward Yardeni argue lasting relief requires fiscal consolidation, a stock market decline, or reduced AI investment—measures the administration resists. Bessent attributes yield movements to bad information and claims asymmetric access to real data, citing Trump’s fiscal-consolidation plan as a solution. He plans to work with White House budget chief Russ Vought on revenue and cost reforms, including fraud crackdowns and reduced state transfers.

Despite efforts, skepticism remains about a 'Bessent put' analogous to the Greenspan put, with ING’s Chris Turner noting limited firepower. The Treasury declined to comment on interventions.