Treasury Secretary Scott Bessent's expanded buybacks and tough talk failed to stop a bond market selloff, with the 30-year Treasury yield closing at 5.27% and the 10-year at 4.74% after his CNBC appearance. Bessent argued that August liquidity problems, not fundamentals, were driving yields higher, and he doubled long-bond buybacks this week. But the market is also contending with oil near $86 a barrel, record core PCE inflation, and a wave of AI-related corporate issuance, including a Broadcom investment-grade deal with Apollo and Blackstone valued between $70 billion and $80 billion that competes directly with Treasuries for pension and insurance buyers. Analysts say yields will only stabilize if oil prices fall, core inflation stops rising, and AI issuance slows—none of which Bessent controls.
Apollo Global Management LLC Class A
