Bessent doubles Treasury buybacks, pushing long bond yields sharply lower

Bessent's unscheduled announcement of doubled long-dated bond buyback operations — $2B to $4B+ per operation for 10-to-30-year bonds, effective September 9 — drove the 30Y down 9 basis points to 5.196%, confirming the morning brief's bull yield threshold. FOMC Minutes confirmed the three dissenters' concern was CPI persistence, not fiscal sustainability, meaning five consecutive soft data prints are structurally relevant to the September hike debate. The session anomaly: AMD fell 4%, AVGO fell 5%, INTC fell 4% — chips declining through rate relief — while health care and cyclicals lifted the S&P to +0.31%.