Updated

Treasury yields jumped and the bond market sell-off intensified after an underwhelming 30-year Treasury auction and Treasury Secretary Scott Bessent's newly expanded debt buyback operation failed to reassure investors. The episode marks a setback for the Treasury's efforts to stabilize borrowing costs and calm volatile markets. Follow-up reporting shows the $6 billion buyback did not translate into lower mortgage rates, underscoring the limited reach of the intervention into consumer borrowing costs. Options-market pricing suggests further volatility ahead for bonds, with commentators warning that rising yields could simultaneously damage some portfolios while boosting others holding cash, as investors reassess fixed-income exposure amid the ongoing sell-off.