Treasury Intervention Weakens Dollar to Three-Month Low

The US Treasury Department took swift action to calm a sharp bond market selloff by announcing plans to double its buyback operations for longer-dated bonds.

This move pushed the 30-year Treasury yield down from an 19-year high, which in turn weakened the US dollar to a three-month low.

The dollar's decline gave the euro, sterling, and Japanese yen a boost as investors sought safer havens for their money.