U.S. President Donald Trump said Treasury Secretary Scott Bessent did not receive instructions to intervene in the bond market and acted under his own authority. Bessent said the government could further increase Treasury repurchases after announcing Wednesday that it would spend double the expected amount on buybacks. Long-term Treasury yields had recently risen on concerns over mounting U.S. government debt, inflation remaining above the Federal Reserve's 2% target and possible effects on investment flows. By Friday, much of the decline in yields prompted by Bessent's announcement had been unwound. Bessent, a former hedge fund manager with extensive experience in sovereign debt and currency markets, was described by Trump as highly capable.