U.S. Treasury Secretary Scott Bessent defended the strength of the U.S. bond market and fiscal outlook while pushing back against concerns over rising debt and yields. The Treasury plans to at least double buybacks of longer-dated debt from $2 billion to $4 billion per operation beginning September 10, after 30-year borrowing costs reached a 19-year high. Bessent said higher yields reflected energy prices, inflation linked to the Iran conflict and confidence in U.S. economic growth. The program, known as the Treasury twist, is intended to reduce volatility during periods of thin trading rather than change the market's equilibrium price.