Bessent's $6 billion buybacks left yields nearly unchanged against a $32 trillion market, prompting him to admit he can't set the equilibrium price.
The 10-year yield hit a 12-month high of 5.31%, dragging 30-year fixed mortgage rates near their 52-week high of 7.60%.
Cramer says bonds, not oil, reveal the long-term truth, making the daily 10-year yield close more important than Bessent's policy promises.
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Jim Cramer said on Mad Money October 5, 2026: "Treasury Secretary Bessent basically copped to not being able to stop a bond market slide with his meager multibillion dollar bond buys. He's plugging the dike with a finger, and it's got $31 trillion in Treasuries behind it.", according to Mad Money w/ Jim Cramer

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