Treasury Doubles Debt Buybacks

The Treasury Department said Wednesday it will double long-term government debt buybacks from a $2 billion maximum to at least $4 billion starting Sept. 9, targeting 10- to 20-year and 20- to 30-year Treasury bonds. The move, led by Treasury Secretary Scott Bessent, came after the 30-year Treasury yield reached about 5.3%, its highest since 2007, and the 10-year yield rose near 4.7%. After the announcement, the 30-year yield fell to about 5.18% and the 10-year traded around 4.637%.