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TL;DR rates are back roughly where they were when Bessent made the announcement, within 24 hours, because it's a contrived and frankly silly way to try and manage the problem. It was never going to work, and I'm surprised rates moved much at all on the news.
The first, and most important, reason this announcement yesterday by Bessent failed to do anything is that the credit side of the market is not "vibes and memes." Mainly, you are dealing with the smartest guys in the room when it comes to anyone moving serious volumes in that market. So while Trump's Treasury secretary CAN announce a long bond buyback to try and soothe runaway long bond rates, the actual audience for that announcement is too sophisticated for it to ever work for more than a few hours, where some very speculative shorts might close or reposition.
The second thing is that the Treasury has a "math" problem. They can only move this debt somewhere else on the curve. That's a problem because, 1. they are regularly issuing $25B+ in long bonds in a single auction. Taking $4B of that and moving it to 3-month bills will drive short-term borrowing costs up AND require Treasury to manage another $4B in maturities three months down the road instead of several years down the road.
The Treasury is not equipped to do any kind of "monetary policy" or "quantitative easing" the way the Federal Reserve can. Against a backdrop where everyone knows they are basically just shuffling deck chairs around, you can suddenly see why this could never be a successful way to move markets for long.
But beyond that, looking at the whole picture, Treasury still has to issue hundreds of billions more in debt over just the next few months. Regardless of where they try to put that on the duration curve, adding some additional liquidity does nothing to solve the underlying problem of not having enough people willing and able to absorb all that debt cheaply.
The third reason is that there is no compelling reason for people to want to lend to anyone, the US government included, cheaply right now. Between tariffs, supply-chain pressures, the risks associated with the war we are now waging overseas, and inflation continuing to run too hot, none of this is going to motivate anyone to extend credit at a reduced rate.
A real person or institution ultimately has to decide that something has changed enough to make lending to others at a lower rate the logical choice. Bessent is going to find himself "stuck" on that front, because there really is no catalyst right now for anyone dealing in significant bond volumes to reach that conclusion. The credit markets are "bullshit proof" on that front.