Bessent learned an important lesson today.

Once you show markets that you are willing to adjust policy when they move against you, they will ALWAYS demand more. The U.S. Treasury had already announced at least a doubling of longer-maturity bond buybacks. Today, Bessent tripled the size of operation "Treasury Twist" to $6 billion. What did bond yields do? They went UP. — via @jsblokland

Treasury buybacks tripled after policy shift, signaling Fed capitulation risk.