Treasury doubles bond buybacks as 30-year yield hits a 2007 high, and the dollar pays for it
The Treasury doubled its long-term bond buybacks to at least $4 billion in an unscheduled, rate-easing intervention after the 30-year yield touched its highest since 2007. Investors read this as Washington capping borrowing costs rather than letting markets set the price, a tradeoff that shifts the pain onto the currency. The dollar took its biggest one-day fall since March, while gold and bitcoin rallied as hedges.