U.S. Treasury Plans $6B Bond Purchase
The U.S. Treasury Department announced that it will purchase up to $6 billion worth of long-term Treasury bonds tomorrow as part of an expanded repurchase program, aimed at boosting liquidity and reducing borrowing costs. The announcement came after Treasury Secretary Scott Pence signaled a desire to double the size of the operations in order to slow the rise in yields and achieve market stability, with the 10-year bond yield increasing to 4.85% following the announcement. This expansion of the purchase program indicates the administration's concern over rising borrowing costs ahead of the Congressional elections, and seeks to avoid negative impacts on the U.S. economy.
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