BREAKING: Treasury just tripled its buyback size. $6,000,000,000 in longer-dated debt. First operation under the expanded program. Triple the original $2,000,000,000 ceiling. Targeting 10-to-20-year notes. Here's the part markets didn't like. The reaction was negative. Yields rose, not fell. 10-year climbed toward 4.85%. Traders had priced in something bigger. $6,000,000,000 landed below what was already expected. Even Stanley Druckenmiller, Bessent's own former mentor, has been critical of the approach. Debt issuance up 11.8% from last year. $31.8,000,000,000,000 in publicly held debt now. Up 8.2%. The intervention that was supposed to calm the bond market. Just showed its limits on day one of the bigger version.