Scott Bessents Treasury to buy back $6 billion in debt after defending yen intervention
Scott Bessents Treasury Department is getting ready to buy back as much as $6 billion of US government debt after Scott defended action around the yen. Treasury announced the plan on Wednesday and said the goal is to keep trading in government bonds running smoothly. The amount is about three times larger than usual. Scott had already said on Aug. 19 that Treasury planned to buy at least twice the normal amount of older securities. Treasury also said later operations will be worth at least $4 billion each. This weeks buyback will target 10-year and 20-year notes, where trading tends to be lighter than in shorter-dated debt. Discover more FINANCE Stock Choose POS Systems According to authorities, the bigger buy will help maintain liquidity in the markets, whereas the traders are looking at how the move will affect the growth in yields, which are at a level not seen since the pre-2008 crisis period. Treasury buys more debt as long-term yields keep moving higher The market was not acting in the manner that would suit the Treasurys interest. The yields continued to climb after the announcement, and longer-term bonds even went up by as much as 5 basis points before coming back down. It should be noted that higher








