**[Besent's "Firefighting" Efforts Nullified: U.S. Treasury Yields Fully Rebound, Global Sovereign Debt Simultaneously Repriced]** BlockBeats News, September 2 — On August 19, after U.S. Treasury Secretary Besent announced an expansion of the Treasury buyback program, long-term bond yields briefly declined but quickly reversed course. As of now, the 30-year U.S. Treasury yield has risen to 5.27%, returning to pre-announcement levels; the 10-year yield hovers around 4.8%, marking its highest level since January 2025, up more than 10 basis points from that time; the 2-year yield climbed to 4.40%, with the market pricing in approximately a 70% probability of a Federal Reserve rate hike this month. Mark Cabana, Head of U.S. Rates Strategy at Bank of America, noted that the rates market has consistently failed to sustain meaningful yield declines, as investors demand higher compensation to extend maturities. Besent himself expressed no concern over the yield rebound, stating in a CNBC interview that "the market is the market." However, Pantera founder Dan Morehead bluntly remarked that bluffing only works if no one at the table knows you're bluffing. Global bond markets are undergoing synchronized sell-offs. Japan's 10-year government bond yield touched 3% for the first time since 1996, the UK's 30-year yield rose to its highest level since 1998, and Germany's 30-year yield reached its highest since 2011. Bloomberg's Global Sovereign Bond Index yield climbed to a nearly 20-year high. Oil prices have surged approximately 13% over the past month to $94, with Middle Eastern tensions unresolved, prompting investors to increase bets on rate hikes by the European Central Bank, the Bank of Japan, and the Reserve Bank of Australia and New Zealand. Japan's sharp rise in 10-year yields from around 2% in January to 3% has been particularly dramatic, with Prime Minister Sanae Takashi's fiscal expansion further exacerbating debt refinancing pressures. Florian Ielpo, Portfolio Manager at Lombard Odier, stated that as bond yields rise, fixed income is becoming increasingly attractive relative to equities, leading to shifts in asset allocation strategies. This global sovereign debt repricing is driving up financing costs across all levels, from the U.S. government to ordinary homebuyers and credit card holders.