Topic
Behavior of 10- and 30-year Treasury yields as investors demand more compensation for inflation and fiscal risk.
The man who ran Soros's short against the pound now says Treasury's bigger long-bond buybacks are price management. There is no peg to break this time, only the long end.
Reality
Treasury doubled long-dated buyback operations five days after the 30-year yield hit a 19-year high. The objection is about the reaction function, not the $4 billion.
Reality
A yen intervention and doubled buybacks each bought a day or two at the long end, Wolf Richter reports. The supply arithmetic behind that says duration, not the Fed, sets the floor.
Reality
Bessent doubled the buyback cap to $4 billion per operation and sped up the schedule from September 9. The size cannot move a $32 trillion market; the calendar is what says something.
Reality
Bessent doubled the buyback to $4 billion an operation, the 30-year gave back its 16 basis points inside the session, and Trump says he had nothing to do with it.
Reality
A doubled Treasury buyback covers 2.4% of the long end. Yields went up anyway and the dollar index hit a 100-day low, which is not how the rate-currency relationship is meant to work.
Reality
Treasury's $25 billion long bond sale drew the highest yield since 2001, a day after the priciest 10-year auction since 2007. Demand showed up, but only at a price.
Reality