US Treasury Secretary Scott Bessent’s effort to contain rising government bond yields through expanded Treasury buybacks had lost effect within two days, as total US government debt surpassed $40 trillion. The Treasury’s Aug. 19 plan raised purchases of long-dated off-the-run securities from $2 billion to at least $4 billion, briefly pushing yields lower as investors unwound bets on further increases. The 10-year Treasury yield nevertheless closed at 4.737% on Aug. 21, up from 4.695% a week earlier, while the 30-year yield had reached 5.31% on Aug. 17, its highest level since June 2007. Concerns about the dollar also fueled debasement trades, with the WSJ Dollar Index falling 0.7% and Bitcoin rising 22% during the week. The Congressional Budget Office said annual federal interest costs had reached $1 trillion, more than five times the 2010 level. Bessent said the Trump administration was preparing an announcement on fiscal discipline and reviewing revenue and spending changes, but politically difficult measures such as tax increases and cuts to Social Security and Medicare spending may be required to restore confidence.