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US Treasury Secretary Bessent: Debt Buybacks Aim to Calm Market 'Frenzy'

OdailyOdaily

Odaily News: US Treasury Secretary Bessent said that the expansion of the US Treasury buyback program last month was intended to calm the 'frenzy' sentiment forming in the bond market and push market prices back to equilibrium. Bessent stated that he cannot change the market equilibrium price but hopes to reduce excessive speculation in the market. He noted that if investors were truly concerned about US debt creditworthiness, they would sell Treasuries and buy German bunds, but current market behavior does not reflect such concerns.

Bessent denied that the Treasury's bond buybacks are equivalent to the Federal Reserve's quantitative easing, saying the measure is more akin to the Fed's past 'Operation Twist.' The expansion of the buyback program comes against the backdrop of the 30-year Treasury yield rising to its highest level since 2007.

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