Despite the best efforts of Treasury Secretary Scott Bessent to tamp down rates, 10-year Treasury yields are rising.
Bessent has been buying back 10-year Treasuries in order to bring down yields on the bonds, but it appears that the interventions have merely slowed the rise. Bessent explained that to Congress. Watch:
HIMES: You spent $10b to try to lower the yield on the 10 year bond. When you started, it was 4.8%. Today it’s at a 20 year high of 5.04%. A 20 basis point rise. Was your intervention successful?
BESSENT: Yes it was
HIMES: Wait — it went up by 20 points!
BESSENT: There’s a… pic.twitter.com/6nwK5t1p7L
— Aaron Rupar (@atrupar) September 15, 2026
Bessent is employing what he has called a “Treasury twist,” buying 10-year Treasuries back using newly issued short-term Treasuries. The actions are intended to lower yields on longer-term Treasury debt, while accepting higher yields on short-term Treasuries. Bessent recently explained his reasoning for the strategy to CNBC. Watch:
WATCH IN FULL: @SecScottBessent‘s exclusive interview with @SaraEisen on @CNBC @SquawkStreet pic.twitter.com/sKymewxbTl
— Rapid Response 47 (@RapidResponse47) August 20, 2026
Action Line: When you want to talk about bonds in your portfolio, email me at ejsmith@yoursurvivalguy.com. And click here to subscribe to my free monthly Survive & Thrive letter.
