The U.S.
Treasury just made an unusual move that caught Wall Street off guard, and it says a lot about how nervous officials have gotten over borrowing costs
Yields on the longest-dated government debt had been climbing toward levels not touched since before the 2008 financial crisis. On the same day the national debt crossed a new milestone, Treasury Secretary Scott Bessent decided he had seen enough. What he announced, and why he felt he had to act now, matters far beyond Wall Street trading desks, touching everything from mortgage rates to how much room the government has left to maneuver.
Scott Bessent doubles Treasury bond buybacks as 30-year yield hits 19-year high The Treasury said on Aug. 19 it will at least double the size of its buyback operations for 10- to 30-year debt, raising the maximum from $2 billion to at least $4 billion per operation, while also doubling the frequency from two to four operations per quarter. The change kicks in on Sept. 9 and runs through Nov. 4, according to CNBC. The move came after a rough stretch for long bonds.