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U.S. bonds climb with debt buyback plan
The rise in U.S. Treasury bond yields came after the Treasury Department announced a plan to buy back debt amounting to three times the usual size. The yield on the 10-year bonds hit its highest level since November 2023, at 4.839%. Yields on 30-year and 2-year bonds also increased, as the department announced a buyback of $6 billion, which is expected to be exceeded in the market. The rise in yields coincided with an increase in oil prices, which crossed $100 per barrel for the first time since July, amid escalating tensions in the Middle East following Iran's attacks on American ships and oil tankers in the Gulf. This has heightened concerns about rising inflation and its impact on financial markets.
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