Treasury yields are choppy after Treasury Secretary Scott Bessent emphasized that the Trump administration could take aggressive action to push down longer-term bond yields.

Appearing on CNBC a day after the Treasury announced that it would increase buybacks of longer-term bonds, Bessent hinted that the increase in buybacks could even be larger than expected-possibly more than $4 billion-and said the government has "a big toolkit" to bring down yields, which he said don't currently reflect economic fundamentals. Treasury yields initially fell after Bessent started speaking but then retraced that move.