Benzinga and Yahoo Finance LLC may earn commission or revenue on some items through the links below.
Treasury Secretary Scott Bessent is bringing his hedge-fund playbook to the battle against soaring U.S. borrowing costs
His surprise decision to double long-term bond buybacks briefly sent yields tumbling Wednesday, but by Thursday the bond market was pushing back. Treasury said it would increase the maximum size of its repurchases of 10- to 30-year government bonds from $2 billion to at least $4 billion per operation. At first, the announcement appeared to work.
The 30-year Treasury yield, which hit its highest level since 2007 earlier this week, fell to around 5.19% Wednesday. By Thursday, it had climbed back as high as 5.27%. Bessent can try to make the Treasury market run more smoothly.