Why Treasury Buybacks Are Not a Real Fix for Rising Yields

The Treasury is increasing its long term bond buybacks, but Chuck Zodda and Marc Fandetti argue the move does little to address the deeper forces pushing global yields higher.Chuck and Marc explain why the Treasury’s buyback plan is more important as a signal than as a market moving tool, how swapping long term debt for short term borrowing could worsen the fiscal picture, and why investors may respond by moving toward hard assets like gold. They also discuss whether the move conflicts with Kevin Warsh’s less interventionist approach at the Fed, how it could affect the bond market’s ability to price inflation risk, and why long term borrowing costs matter for housing, corporate investment, and the broader economy. Plus, Todd Lutsky joins for Ask Todd to explain how irrevocable Medicaid trusts can help with estate taxes, probate, and long term care planning.