US Treasury: Scott Bessent’s bond plan like ‘rearranging deckchairs on the Titanic,’ ING says

BESSENT’S BOND DRAMA Bessent’s $4 billion bond buyback plan is like ‘rearranging deckchairs on the Titanic given the U.S. national debt of $40 trillion,’ ING says U.S. Treasury Secretary Scott Bessent made a surprise intervention into the bond market yesterday, promising to “at least double” its buybacks of long-dated bonds, such as the 10-, 20-, and 30-year Treasuries. “The current maximum size of $2 billion per operation will be at least $4 billion per operation.” The buying will start on September 9. A total of up to $128 billion could be spent over the course of a year, The Wall…