President Donald Trump said Friday he did not direct Treasury Secretary Scott Bessent to intervene in the bond market this week and that Bessent acted on his own authority, Bloomberg reported Friday.

Bessent moved to calm bond markets and lower long-term borrowing costs after yields reached multi-year highs, Bloomberg said.

On Wednesday, the Treasury Department said it would at least double the size of buybacks for longer-dated securities, the report said.

The impact was short-lived, with 30-year Treasury bonds erasing gains the following day, Bloomberg said.