US long-term yields have bounced back in the second half of the week in erasing much of the drop from the US Treasury announcement. 10-year yields have more or less recovered fully to be back up to 4.704% now while 30-year yields are nudging back up to 5.251% on the day.However, whether or not yields will look to break higher will depend on the conviction of the bond vigilantes - whom might be still cautious in wanting to challenge the "Bessent put" so quickly.After the Wednesday announcement to double long-term debt buybacks, Bessent stepped in with some verbal intervention of his own yesterday. In case you missed it: US Treasury Secretary Bessent says the long-dated bond buyback could be more than $4 billionThis all sounds rather familiar, doesn't it? It's a sort of similar playbook to what the BOJ has been doing in trying to defend the yen currency.As mentioned before, any Treasury intervention of sorts will still be a drop in the bucket against a massive Treasury market of over $30 trillion. Hence, the move is very much meant to be a signaling effort - much like currency intervention.The question now is though, can this work without a change in fundamentals with key structural issues still persisting? To put things more simply, the buybacks are merely treating the symptoms that are showing up in the market. They are not addressing the core problems that have led to the current predicament.The two key issues are still high government spending i.e. massive borrowing as well as rising inflation expectations. Those are two major pain points for bonds and have led to yields pushing higher, not just in the US.And unless either or both of those two things are addressed, there is a good argument that whatever Bessent's call here may only buy some short-term relief at best.In all of this, I still like how the macro backdrop has now shifted back in gold's favour. However, that is also one that may only play out in a much bigger fashion over the long-term.But if you're banking on Treasury yields cratering, it won't be that simple and straightforward. Just like how Tokyo intervention on the yen is meant to deliver a message and eventually ping signals to market players to follow, the Treasury buybacks are meant to do the same.Yet, we can clearly see that the yen currency remains very much under pressure regardless. And that is because the fundamental factors driving the drop have not changed despite the intervention effort.So, will the "Bessent put" be meeting the same fate? This article was written by Justin Low at investinglive.com.