{
  "id": 2992089,
  "title": "Scott Bessent and the bond market: a pointless intervention",
  "url": "https://urgent.news/2026/08/24/scott-bessent-and-the-bond-market-a-pointless-intervention",
  "topic": "finance",
  "section": "Finance & Markets",
  "published": "2026-08-24T09:30:00.000Z",
  "source": {
    "name": "Fortune",
    "slug": "fortune",
    "url": "https://fortune.com/2026/08/24/scott-bessent-and-the-bond-market-a-pointless-intervention/"
  },
  "original_language": "en",
  "account": "Treasury Secretary Scott Bessent's intervention in the U.S. bond market, doubling its buybacks to $4 billion, may appease President Trump, but it is likely to be met with disapproval from bond vigilantes. Bessent's previous involvement in the 1992 Soros raid on the pound suggests he may be unaware of the tendency of markets outsmarting government officials. Bessent is implementing a new version of \"Operation Twist,\" which involves buying long-term debt and selling short-term debt to keep long-term yields low and raise short-term yields. This action flattens the yield curve initially, but its success depends on whether it's part of fiscal policy or accompanied by a change in monetary policy. When implemented alone, Operation Twist can succeed temporarily, but only if market players accept the moves. However, if it fails to narrow the deficit, holders of longer-term debt will shift positions along the yield curve until they earn the returns reflecting their outlook. There have been previous attempts at Operation Twist, all resulting in failure due to underlying monetary policy proving too expansionary, insufficient money growth, or poorly designed QE strategies. Bessent's version can only succeed if monetary growth supports his actions; otherwise, it is pointless.",
  "summary": "The Treasury Secretary might win points with his boss, President Trump,but he will earn no points from the bond vigilantes.",
  "key_points": [],
  "editors_take": null,
  "illustration": null,
  "coverage": {
    "outlets": 1,
    "also_reported_by": []
  },
  "ai_generated": true,
  "disclaimer": "Summaries, key points and the editor’s take are written by software from other outlets’ reporting and may contain errors — always check the linked original."
}