From Grok:
Global bonds are selling off together. That matters more than whether Scott Bessent’s latest tweak “failed.”USD/JPY is back near 160 after the July US-Japan intervention. The US 10-year is around 4.75%. Japan’s 10-year is near 2.94%, a 30-year high. Germany is ~3.3%, France ~4.16%. Those are not isolated US plumbing problems.
Treasury’s bigger long-end buybacks and talk of using the ~$950B cash pile can smooth liquidity. They cannot cap JGBs, Bunds, or OATs. They also have not started in size yet.
The cleaner read: markets are demanding more term premium worldwide — oil, inflation, fiscal supply, and BOJ/ECB tightening risk. Intervention and buybacks can blunt a disorderly spike. They cannot rewrite the global rate regime.

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