The Treasury's attempt to push down long-term borrowing costs collapsed within 24 hours, a bad sign for the dollar, bond holders, and anyone counting on lower interest rates.

• Stocks fell hard and bond yields jumped right back to where they were before Treasury Secretary Scott Bessent announced bigger bond buybacks.
• The buyback plan reads as panic, not confidence, and now the fear is traders will test how far Washington can be pushed.
• US debt just crossed $40 trillion, with interest payments on track for $1.4 trillion this year and a $2 trillion deficit.
• The dollar dropped against most major currencies while gold jumped, the classic sign that investors doubt US credibility.
• The Iran conflict is pushing oil prices up and adding more war borrowing on top of an already spiraling debt load.

Outlook: Pressure is building for the Fed to step in with fresh money printing to hold long-term rates down, which would risk more inflation and further damage to the dollar.