Bitcoin
US Treasury Executes $6 Billion Bond Buyback as 10-Year Yields Hit 24-Year High
The US government completed a full $6 billion debt repurchase while long-term yields reached their highest levels since 2002.
The US Treasury utilised its full $6 billion limit in a recent debt buyback operation, retiring older long-term debt maturing in 2041 and 2042. Investors submitted $46.4 billion in total offers, with the Treasury purchasing $6 billion across two eligible bond issues for roughly $4.47 billion in cash.
The operation took place as the 10-year Treasury yield reached 5.342%, its highest level since April 2002. Yields have been pressured upward by wider fiscal deficits, above-target inflation, and significant corporate borrowing by technology companies. In response, Treasury Secretary Scott Bessent signaled that the Treasury could expand the scale of its buybacks further.
Economic data released alongside the buyback showed factory input prices jumping to 77.9, with oil hovering near $91. Meanwhile, Bitcoin stood at $84,624 after briefly surpassing $85,000 following cooling PCE inflation figures. While rising yields have created broad headwinds for risk assets, ARK Invest chief Cathie Wood argued that yields above 5% indicate normal market functionality.
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