The U.S. Treasury Department announced it would more than double its bond buybacks in an effort to calm the bond market. The 10-year Treasury yield topped 4.70%, while the 30-year yield jumped above 5% for the first time since 2007, before the global financial crisis. In Japan, the 10-year government bond yield touched its highest level in nearly 30 years, and the German 10-year yield returned to where it was in 2011. Analysts remain skeptical about the lasting impact of Treasury Secretary Scott Bessent’s move, noting it changes almost nothing in terms of fundamentals, particularly the unchanged need to finance both hyperscaler AI debt and large government deficits.
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