Treasury's bond buyback measures are insufficient to control rising yields

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The Treasury's announcement of a $4 billion bond buyback from the TGA account, and even the potential for further buybacks by tapping the trillion-dollar TGA account, has only temporarily impacted the bond market, with yields quickly reversing their decline; this suggests that current measures are insufficient to control rising yields, as evidenced by the 10-year yield now over 4.7% and the 30-year yield over 5.2%.