Over the past few weeks, Treasury Secretary Scott Bessent took three actions to deter the Bond Vigilantes by showing them the Treasury’s ample toolbox for stabilizing bond yields. First, the Treasury joined Japan in supporting the yen, reducing the risk that Tokyo would need to sell Treasuries to defend its currency. Second, it announced that it was doubling buybacks of 10- to 30-year securities to $4 billion per operation. Third, the Treasury signaled it could draw down its nearly $1 trillion Treasury General Account (TGA) to help finance the additional long-bond purchases. [...]