[U.S. Treasury Secretary Besent: We do not set an equilibrium price for yield levels] U.S. Treasury Secretary Besent: We do not set an equilibrium price for yield levels. Addressing the deficit issue is one factor influencing the 10-year Treasury yield. He also stated that the Treasury's recent buyback operations for long-term U.S. Treasuries have been successful, noting strong demand in the two auctions following the intervention. Although Besent previously described the buyback as a method to inject liquidity and curb rising bond yields—since higher bond yields are driving up the government's debt repayment costs—after the Treasury conducted its largest buyback last week, U.S. Treasury yields still increased. "We can imagine what might have happened if we hadn't taken these measures, and yet we subsequently witnessed the two most successful Treasury auctions in 20 years," Besent said during a congressional hearing.