Treasury Doubles Bond Buybacks, Yields Tumble and Markets Rally
The Treasury will at least double its buybacks of long-term U.S. debt starting September 9 — a surprise step to calm a bond market where yields had hit their highest since 2007. Bond prices rose, yields fell (the 30-year posted its biggest one-day drop since October), and stocks rallied. Critics call it a stopgap, not a fix for deficits or inflation.