U.S. Treasury Secretary Bessent sought to ease concerns over Thursday's smaller-than-expected Treasury buyback and a sharp rise in Treasury yields, saying the bond market was in very good condition. He pointed to strong results from two Treasury auctions held over the past several days and reiterated that the correlation between bond and energy prices had recently become unusually strong. The two-year Treasury yield had reached its highest level since 2024, while the 10-year yield climbed to its highest level since 2023. The selloff was attributed to a surge in crude oil prices and the Treasury buying fewer bonds than planned. The Treasury had announced on Wednesday that it could repurchase up to $6 billion in bonds, but completed $5.19 billion of purchases on Thursday.