US Treasury’s Bessent: Buyback expansion to calm bond market ‘mania’

Bessent's framing of the buyback expansion as a market-calming tool rather than QE signals a deliberate effort to manage perceptions of monetary policy overlap. The reference to 'Operation Twist' suggests a preference for yield-curve shaping over balance-sheet expansion, which could influence how traders interpret future Treasury actions. With long-dated yields at multi-year highs, the key watch is whether this program stabilizes the 30-year market or if volatility persists, testing the credibility of that distinction.