US Treasury Secretary Bessent has reportedly formulated a plan that could escalate if the vigilantes continue to push up interest rates, NY Post reports citing sources

Treasury secretaries have a standing toolkit for pushing back against a disorderly long end, and episodes of this kind tend to begin with signalling before any action: jawboning about term premium, tweaks to quarterly refunding that skew issuance toward bills and away from coupons, expanded buyback programmes, and coordination with the central bank as the outer bound. The distinction worth drawing is between supply management, which works through the composition of issuance at the margin, and genuine yield-curve suppression, which historically has required either Federal Reserve participation or regulatory changes to bank balance-sheet treatment, and is a much larger step. The premise embedded here, that institutional selling of long-dated paper is the driver rather than inflation expectations, matters for the response: if the concern is term premium and positioning, issuance skew and buybacks are the precedented instruments; if the market is re-pricing the fiscal path or the policy rate, such measures have tended to buy time rather than change the trend. Sourced reporting of a contingency plan, as opposed to an announced action, fits the pattern of early-cycle signalling, where the first objective is to slow the move rather than reverse it. The follow-ons are the refunding announcement, any official confirmation or denial, and whether the long end tests the level named in the report, since round-number thresholds on benchmark yields have historically been where verbal intervention intensifies.