Economists are criticizing Treasury Secretary Scott Bessent’s expanded bond buybacks, warning that efforts to change the relative supply of short- and long-term securities could distort the yield curve (the relationship between interest rates and bond maturities) and complicate Federal Reserve policy decisions. Wharton Professor Jeremy Siegel calls the approach the “Bessent twist” and says it risks damaging Treasury credibility, while Ed Yardeni, president of Yardeni Research, says a 10-year Treasury yield between 4% and 5% is “back to normal” and reflects a healthy economy capable of handling government and technology-hyperscaler borrowing. Yardeni says Treasury’s intervention could “muck up things” for newly appointed Fed Chairman Kevin Warsh, who is seeking authentic signals from the bond market. The latest reported yields were 5.19% for the 30-year Treasury, 4.66% for the 10-year and 4.21% for the two-year. The iShares 20+ Year Treasury Bond ETF (NASDAQ:TLT) rose 0.62% to $82.56 on Monday but remained down 6.03% year-to-date, 0.83% over the past month and 5.16% over the past year. The S&P 500 was up 11.58% year-to-date, the Nasdaq Composite 11.81% and the Dow Jones 10.41%. SPY fell 0.29% to $763.47 and QQQ declined 1.00% to $706.32, while DIA rose 0.27% to $533.65. In Tuesday premarket trading, SPY gained 0.47%, QQQ rose 0.93% and DIA advanced 0.51%.