Washington: Donald Trump's Treasury Secretary, Scott Bessent, has announced the doubling of the government's bond buyback scheme in response to a significant sell-off of US debt. The move comes as part of an effort to stabilize the bond market, which has been facing increased volatility.

According to Deutsche Welle, global bond yields have seen an upward trend, with Japan's borrowing costs exceeding 3% for the first time in three decades. This rise in yields has drawn criticism towards the United States, with many attributing the higher costs to the economic repercussions of its ongoing conflict in Iran.

The decision to expand the buyback program highlights concerns within the US government about the bond market's impact on the broader economy. Questions have arisen regarding the willingness of foreign investors to continue financing US debt, a critical factor in maintaining the nation's fiscal health. Carsten Brzeski, an economist with experience at the Dutch Finance Ministry and the European Commission, offers insights into these developments, suggesting that the current situation is a culmination of various geopolitical and economic factors.