Scott Bessent’s attempt to soothe the US government-bond market began with a $6 billion Treasury buyback. But rather than delivering a decisive confidence boost, the move disappointed investors and was followed by a jump in Treasury yields.¹

The reaction sharpened the sense that the market remains difficult to contain. One account cast the episode as Bessent’s failure to break the “fever” gripping US bonds—a phrase that captures the persistence of investor anxiety despite official intervention.²

The pressure did not stop at America’s borders. As oil climbed to $109, a broader global bond sell-off reignited, linking the Treasury market’s renewed weakness to a wider repricing in fixed income.³

The sequence leaves an uncomfortable contrast. The buyback was meant to signal support and improve market confidence; rising yields suggested that investors were more focused on the forces still pushing borrowing costs higher. With oil adding fresh inflation and market-risk concerns, the bond-market fever Bessent sought to cool appears to have returned.