New Delhi, Aug. 24 -- Scott Bessent often says he wants to be America's "top bond salesman". For the treasury secretary, falling bond yields would be a sign of success. An accountant might raise an eyebrow, though, on encountering a salesman who juiced his figures by purchasing his own wares. On August 19th Mr Bessent set out plans for the Treasury to buy back tens of billions of dollars' worth of long-dated government debt. Yields briefly declined, but then rose again (see chart 1). Might the wheeze not only fail, but also risk spoiling the brand?

Published by HT Digital Content Services with permission from MINT....