Scott Bessent is the Treasury Secretary.

He tried to calm the bond market.

But interest rates went up again on Thursday.

The yield on the 10-year Treasury note rose to 4.69%.

That is almost where it was before Bessent announced a plan.

The plan doubles a bond buyback program.

It will be $4 billion per operation.

The buybacks reduce the supply of long-term bonds.

They also boost their prices.

Bessent said on Thursday that the program could be bigger.

He said the yields do not show the real facts.

He also said the administration will announce a new plan.

The plan will reduce the budget deficit.

It may come by Monday.

He said the deficit will peak this year.

Tariff refunds are one reason.

Investors still worry about government debt.

It went over $40 trillion on Wednesday.

The Congressional Budget Office said the yearly deficit will go over $2 trillion this year.

Gennadiy Goldberg works at TD Securities.

He said the market does not believe that Treasury can support these moves.

He said Congress mostly decides the deficit.

Other things push yields higher.

Big Tech companies borrow a lot of money.

They build AI data centers.

Oil prices keep going up.

People worry about the war with Iran.

That adds to inflation threats.

Kevin Warsh is the new Fed chair.

He has not said if he will raise rates to fight inflation.

He said he wants markets to set rates.

They should use economic conditions, not Fed expectations.

Bessent's action seems to work against that goal.