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Bessent Plays Hardball With "Bloomberg Bros": Yields Spike As Treasury Accepts Just 68% Of Maximum Buyback Offers

Bessent Plays Hardball With "Bloomberg Bros": Yields Spike As Treasury Accepts Just 68% Of Maximum Buyback Offers Two weeks ago, treasury yields spiked to a 3 year high (still well below 5%), after the first expanded Treasury buyuback operation which had a maximum capacity of $6 billion, resulted in just $5.187 billion in actual buyback offers accepted by the Treasury. That was a problem because as BofA's rates guru, Mark Cabana, wrote just ahead of the first buyback (his note is available to pro subs), over the last several operations the...
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