Doubling buybacks fails to stop yield rise: What is the root cause in the Treasury market?

English summary

The U.S. Treasury doubled its long-term debt buyback to at least $4 billion per operation, yet the 10-year yield rose to 4.70% and the 30-year yield to 5.249%. Analysts see buybacks as only short-term relief, with root issues in fiscal deficits, inflation, and policy uncertainty. Treasury Secretary Bessent signaled possible further expansion and dismissed the $40 trillion debt as not a concern.