The US Treasury announced Wednesday it will at least double the size of its long-end debt buybacks, increasing from $2 billion to at least $4 billion per operation. These buybacks cover bonds maturing in 10 to 30 years and will begin September 9. The 30-year yield dropped to 5.192%, approximately 15 basis points below its peak of 5.337%, its highest level since 2007. Bitcoin climbed past $65,000 as lower yields made non-yielding assets more attractive, trading near $65,150, up 1.3% over 24 hours. Total US debt is approaching $40 trillion, and this announcement sent a strong signal to markets, with the Dow gaining about 230 points.
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