**Treasury’s Debt Gamble Moves Short**

**10-year Treasury yields have reached 5.23%, while 30-year yields moved above 5.6%**, levels not seen in more than two decades. That comes despite Scott Bessent increasing long-term bond buybacks to as much as **$6 billion**.

Citi expects the Treasury to announce **$3 billion cuts** to both 20-year and 30-year bond auctions on November 4, with the 20-year bond potentially canceled. The government would borrow more through short-term Treasury bills to reduce long-term bond supply and ease yields.

The trade-off is faster refinancing. If rates remain elevated, interest costs could rise further as **US national debt approaches $40 trillion**. The Treasury may reduce pressure on long-term yields, but it cannot remove the debt problem.

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