Longer-dated Treasury yields rise as Bessent's bond buyback rally fizzles out

Concerns over the Treasury Department's debt repurchase program continue to weigh on markets.

Longer-dated Treasury yields rise as Bessent's bond buyback rally fizzles out

TL;DR

  • Longer-dated U.S. government bond yields moved higher on Friday.
  • Investor concerns over the Treasury Department's extended debt repurchase program and soaring national debt continue to impact markets.
  • The yield on the 30-year U.S. Treasury bond rose over 3 basis points to 5.273%.
  • The 10-year U.S. Treasury yield increased by more than 3 basis points to 4.734%.
  • The 2-year Treasury note yield was up more than 4 basis points at 4.232%.
  • Borrowing costs had rebounded sharply Thursday, with yields rising more than 5 basis points.
  • Treasury Secretary Scott Bessent had intervened in the government bond market on Wednesday by ramping up repurchases.
  • Traders are looking ahead to Federal Reserve Chairman Kevin Warsh's speech at the Jackson Hole Economic Policy Symposium.
  • Traders will also receive the latest personal consumption expenditures price index reading next Wednesday.