According to CoinMeta, the bond strategy of Bessent is intended to calm the market, but it has instead sparked concerns about inflation. In the past few days, investors have begun to take into account the possibility of higher inflation, indicating that the Treasury Department's efforts to improve liquidity in the government debt market this week have raised concerns about broader policy implications. The so-called breakeven rate (inflation-protected bond yields) have risen across the curve, reaching their highest level in two months. The 10-year breakeven rate yield rose to 2.34% on Thursday, the highest point since June 10. Although these indicators can be volatile and the market does not expect out-of-control inflation, they do indicate that inflation concerns are on the rise. On Wednesday, the Treasury Department announced that it would double its typical $2 billion debt repurchase program, a regular operation that began in 2024 with the aim of providing liquidity for long-term debt. Despite Treasury Secretary Scott Bessent insisting that this move is not an attempt to lower yields, it was implemented after the 10-year and 30-year Treasury yields reached their highest levels since the global financial crisis in 2008. Market concerns about inflation are increasing, although some market participants do not consider the recent surge in yields to be a problem.