The Financial Post reports in its Tuesday edition that U.S. Treasury Secretary Scott Bessent came to office blasting his predecessor for trying to re-engineer the world's largest bond market. A Bloomberg dispatch to the Post says that last week, he did it himself. By buying back a swath of long-term U.S. debt -- calling it a "Treasury twist" -- which will require selling more short-dated securities, yields on the long bonds dropped sharply after the plan was announced. Then they climbed straight back up. Mr. Bessent's favoured 10-year benchmark closed the week at 4.73 per cent, near the highest since he took office. All of this suggests that the Treasury chief's drive to get borrowing costs down, especially with November's midterm election looming, is running into forces beyond his control. That includes record debt levels not just in the U.S., which have surpassed $40-trillion (U.S.), but across developed nations. Mr. Bessent's vision of yield-curve control, or influencing rates across different maturities, extends beyond Treasuries. It includes the so-called hyperscalers, companies pouring money into artificial intelligence and borrowing to do it. Earlier this month, Alphabet sold bonds ranging up to 40 years.