$6 Billion Debt Buyback Falls Flat Amid Rising Inflation Concerns

The US Treasury Department announced plans to buy back up to $6 billion of government debt, triple the normal amount. However, this move failed to convince investors and long-term rates soared.

Stocks also fell on Wednesday as Brent crude oil futures surged above $100 a barrel for the first time since July, reheating concerns about inflation that could spur the Federal Reserve to hike interest rates.

Treasury Secretary Scott Bessent has been involved in unusual efforts to prop up the Japanese yen and Argentine peso. He recently dared traders to bet against him, saying 'I have asymmetric information. I am the house now.'