Bessent has absolutely no idea what he’s doing. Blew up his fund. Now he’s blowing up the Treasury. Rick Santelli one liner.

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The US Treasury just held a 5-year auction, and buyers demanded a higher yield than expected.

That gap is called a tail, and Wednesday’s was one of the widest on record. The yield on the note jumped as much as 20 basis points in a day, the biggest selloff since 2024, and it blew past the 4.99% peak from 2023. The Fed lifted rates to 3.75% to 4% last week, the first hike in three years.

Here is the part that matters. When the government has to sweeten the deal to move its own paper, it is a demand problem, not a rate problem. Washington keeps spending and keeps issuing, and the buyers are starting to push back. Weak auctions are how a debt problem announces itself before anyone calls it one.

Treasury’s $6 billion buyback announcement sends yields higher

https://www.reuters.com/world/us/us-treasury-buy-up-6-billion-sept-10-buyback-operation-2026-09-09/

The operation was three times the size of the previous long-duration buyback.

Bond market rejects Treasury’s attempt to push yields lower

https://www.axios.com/2026/09/10/bessent-bonds-buyback-treasury

The 10-year yield reached 4.85%, while the 30-year moved toward 5.3%. Axios noted that $6 billion is tiny relative to roughly $32 trillion of publicly traded Treasury securities.

Wall Street expects another $1 trillion of short-term Treasury issuance

https://www.ft.com/content/3fcee89f-b69d-4f4b-a944-39fe1c214fb8

Bank of America, JPMorgan and Goldman Sachs are forecasting roughly $1 trillion of additional Treasury-bill issuance over the coming year, while long-term borrowing costs remain elevated.

The yield curve is showing stress beyond the 10-year

https://wolfstreet.com/2026/09/19/treasury-yields-of-2-years-3-years-spike-toward-5-but-10-year-holds-at-5-yield-curve-bulges-thoughts-on-whats-brewing/

Two- and three-year Treasury yields have moved toward 5%, leaving the 10-year unusually close to those shorter maturities.

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