The U.S. 20-year Treasury yield is back above the levels seen when the Treasury first announced its double buyback. The chart shows how yields initially crashed by around 10 basis points within just 9 hours after the buyback announcement. But the move quickly reversed. Within the next two days, the entire yield decline was erased. Then, after a hawkish speech from Kevin Warsh pushed yields higher again, the U.S. Treasury announced a triple buyback. Yet yields continued climbing. The U.S. 20-year yield is now around 5.29%, back near the levels seen before the initial buyback announcement. This is an important signal. The Treasury is trying to put downward pressure on yields, but the bond market is pushing back. If yields continue rising despite increasingly aggressive Treasury buybacks, the battle between policymakers and bond traders could become even more intense. And for Bitcoin, stocks and other risk assets, the direction of Treasury yields could become one of the biggest macro signals to watch.