Bessent's $4 billion bond buyback wanted lower yields. It got a bitcoin surge instead.
Bessent’s bond-buyback plan fails to curb Treasury yields. Here's what it means for bitcoin and gold
Source: CoinDesk
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DW NOTE
Bessent spent $4 billion buying back bonds to signal confidence in Treasury debt. Yields went up anyway, and bitcoin caught the flight-to-safety bid that was supposed to go to his bonds. When your own buyback fails to suppress your own borrowing costs, the market is telling you something about the value of sovereign promises.