Bond Market Rejects Treasury's $6B Buyback Plan as 10-Year Yield Hits 3-Year High

In the long arc of sovereign debt management, governments have often reached for tools that markets refuse to validate. This week, the U.S. Treasury's $6 billion bond repurchase program met that fate — intended to ease borrowing costs and signal fiscal confidence, it instead prompted 10-year yields to climb to a three-year high, as investors read the gesture as insufficient against the backdrop of mounting deficits. The gap between policy intention and market interpretation is itself a kind of verdict, one that now compels the Treasury to reckon with whether it is solving a problem or merely a