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• The initial response to Bessent’s CNBC appearance this morning saw yields fall when he suggested a larger buyback could come. But by the end of the interview yields had reversed that move.
• The 30y TIPS reopening today suggests there’s still plenty of appetite for 3% real 30y returns as the bid-to-cover came in at the highest since 2017 and dealers took a record low share..
• Despite surging bond yields, bond ETFs have seen near record inflows in the past couple of weeks.

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