Key Summary

US Treasury Secretary Scott Bessent said the department's expanded buybacks of older, off-the-run Treasuries are intended to calm recent excessive moves in the government bond market, describing his role as pushing the market back toward balance, in remarks at a Breitbart News event in Washington reported by Bloomberg on the 8th local time. He explicitly rejected the framing of buybacks as quantitative easing, comparing them instead to the Fed's Operation Twist, which signals a duration-management and liquidity-repair operation rather than net balance-sheet expansion. If buybacks compress long-end volatility and term premium, that supports softer real yields and a weaker dollar bias, a marginal tailwind for duration-sensitive risk assets including BTC and ETH beta; the confirmation to watch is the actual buyback sizes and schedule in the next Treasury announcements, plus whether 10Y and 30Y yields and swap spreads actually stabilize.