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The US is scooping up treasury bonds in an effort to raise their price and push yields down – but it’s not working
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Global — Eduardo Porter
The US is scooping up treasury bonds in an effort to raise their price and push yields down – but it’s not working
The bond market is driving the Trump administration crazy. Last week, the treasury secretary, Scott Bessent, announced that the government would sharply ramp up its purchase of treasury bonds, in an effort to raise their price and thus push down their yield, which amounts to the interest rate the government pays on its debt.
It didn’t quite work as planned. Yields on treasurys fell after Bessent’s bond market intervention but soon bounced back. By Friday afternoon, the yield on the 10-year treasury was back near where it was before the secretary’s announcement. The yield on the 30-year bond was again trading around its highest level in 20 years or more.
The bond market is driving the Trump administration crazy. Last week, the treasury secretary, Scott Bessent, announced that the government would sharply ramp up its purchase of treasury bonds, in an effort to raise their price and thus push down their yield, which amounts to the interest rate the government pays on its debt.
This report is published with credit to The Guardian. The wire sent a summary; open the original for any extra context. Read on The Guardian →
Source: The Guardian · Eduardo Porter. Published 24 Aug 2026, 10:00 am.
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