Theodore Roosevelt’s injunction to speak softly and carry a big stick has rarely felt more apt. In mid-August Scott Bessent, America’s treasury secretary, announced with great bluster that he would beef up his department’s scheduled buybacks of its long-dated debt. On September 9th the Treasury offered to repurchase up to $6bn-worth of its bonds; on September 24th, and near-weekly thereafter, it plans to buy back tranches worth up to a maximum amount “= or > $4bn”. Mr Bessent says he aims to “push things back towards equilibrium”—meaning to lower his government’s borrowing costs.