You can't make this up: At 8:15 AM ET yesterday, the 10Y Note Yield was trading at 4.68% when the US Treasury announced it would be increasing bond buybacks to $4 billion. The yield fell to a low of 4.63% as the US Treasury pledged to provide "liquidity support." Exactly 24 hours later, the 10Y Note Yield is ABOVE levels seen prior to the announcement, at 4.71%. It's going to take a lot more intervention to tame this beast.(The Kobeissi Letter)