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U.S. bond yields climb on debt buyback plan
The U.S. Treasury Department announced a plan to buy back debt worth three times the usual amount, leading to increased yields on 10- and 30-year U.S. Treasury bonds. The yield on the 10-year bonds surpassed 4.8% for the first time since November 2023. The department will purchase $6 billion in long-term bonds, with expectations that the buyback could be larger than initially announced, with some estimates suggesting it could reach $7 or $8 billion. This comes amid rising oil prices and escalating tensions in the Middle East, especially between the United States and Iran. These measures are part of the government's efforts to support the debt market, amid fears that rising energy prices could impact inflation and economic growth.
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