Treasury Secretary Scott Bessent must be feeling chafed. Last month, amid rapidly rising interest rates on federal debt, he announced that his department would double its typical longer-term bond buybacks, from $2 billion to $4 billion. The idea was that, by boosting demand for Treasuries, yields might come down and the government would be able to borrow additional money at lower cost. And yields did come down a little bit — for about a day. Then they shot right back up to where they began.