U.S. Treasury Secretary Bessent said the Treasury expanded its government bond buyback program last month to calm what he described as growing market fervor and help prices return to equilibrium. He said he cannot change the market equilibrium price but wants to reduce excessive speculation. Bessent argued that investors genuinely concerned about U.S. debt credibility would sell Treasuries and buy German government bonds, but current market behavior does not reflect that concern. He rejected comparisons between the buybacks and the Federal Reserve's quantitative easing (large-scale asset purchases), saying the measure more closely resembles the Fed's past Operation Twist, which changed the composition of its holdings. The expansion came after the yield on 30-year U.S. Treasuries rose to its highest level since 2007.