The Treasury Department on Wednesday said it will buy back $6 billion of government debt in an operation aimed at keeping bond markets functioning.
The much-anticipated announcement triples the normal buyback operation and follows an announcement Aug. 19 from Treasury Secretary Scott Bessent that the department would at least double the normal amount for already-issued securities.
Though the operation ostensibly is aimed at keeping government debt markets liquid — in this case for 10- and 20-year notes — the extraordinary measure also has been seen as an effort to put a lid on Treasury yields, which had hit highs not seen since prior to the global financial crisis in 2008.
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