BESSENT CAN’T CONTROL WHAT’S DRIVING YIELDS Treasury Secretary Scott Bessent’s bond buybacks briefly pushed long-term yields lower, but the relief quickly faded. The bigger forces driving rates higher remain: record US debt, persistent deficits, inflation and massive AI-related borrowing. Bessent can adjust Treasury issuance and expand buybacks, but markets doubt these moves can sustainably suppress yields. Without meaningful deficit reduction or Fed intervention, bond investors remain firmly in control of long-term borrowing costs.(*Walter Bloomberg)