US Treasury doubles long-bond buybacks as 30-year yields test highs
What's new: The move briefly knocked 30-year yields down 10 basis points, but the dollar slid to a three-month low and gains soon faded.
The US Treasury moved to at least double its liquidity-support buybacks for debt maturing in 10 to 30 years after long-dated yields climbed to their highest levels in years. The surprise step briefly pushed the 30-year yield down as much as 10 basis points to 5.18% and weakened the dollar, which fell to a three-month low. Treasury Secretary Scott Bessent later said the department could expand repurchases beyond the roughly $4 billion now planned to start next month and that the administration is preparing a fiscal-consolidation push. Markets quickly gave back some of the relief, underscoring doubts that buybacks alone can reverse rising borrowing costs as US debt tops $40 trillion.