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The Bessent PutToday the US Treasury doubled the size of its long-end bond buybacks, the day after the 30-year yield hit a 19-year high at 5.33%. The extra dollars are small. The signal is enormous.For the first time, the fiscal authority, not the Fed, stepped in to defend the long end within 24 hours of the highs. There is now a put under the long bond, and the market has just been told the top of the range...Look at the plumbing underneath it...The buybacks pull old, illiquid bonds off dealer balance shee ...