With a slew of unexpected maneuvers this year, Scott Bessent has emerged as the most interventionist Treasury secretary in financial markets in decades — putting his credibility on the line in an effort to quell a potentially damaging rise in US borrowing costs.

The US Treasury unexpectedly announced it’s ramping up buybacks of long-dated government debt, taking the action in the wake of yields on such securities hitting the highest levels in years.

Investors from Fidelity say new Federal Reserve Chairman Kevin Warsh stands to stoke bond-market volatility by offering his views on inflation.

The rise in US yields has extended across the entire Treasury curve, creating a charged backdrop for Fed policymakers and their new chairman, Kevin Warsh, who helms his first meeting and press conference next week.