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.
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.