U.S. Treasury Secretary Scott Bessent announced on August 19 the doubling of Treasury buybacks to at least $4 billion per operation, targeting 10- to 30-year bonds. The 30-year Treasury yield had reached 5.27%, a level not seen in 19 years. This intervention provided only brief relief, as yields quickly returned to around 5.24% the following day. Gross national debt crossed $40.05 trillion on the same day, representing over $1 trillion in new debt in less than six months. The expanded program is set to begin on September 9, but doubts remain about its effectiveness against the massive bond supply flooding the market.
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