Treasury Secretary Bessent said last month’s expansion of the Treasury buyback program was intended to calm a developing “frenzy” in the bond market and help market prices return to equilibrium. Bessent said he cannot change the market equilibrium price but wants to reduce excessive speculation. He added that if investors were truly worried about U.S. debt credit, they would sell Treasuries and buy German government bonds, but current market behavior does not reflect that. Bessent denied that Treasury buybacks amount to Federal Reserve quantitative easing, saying the measure is closer to the Fed’s past Operation Twist. The expanded buyback plan followed the 30-year Treasury yield rising to its highest level since 2007.