Forex
Treasury Secretary Hails Bond Buyback Success Amid Rising Interest Rates
US Treasury Secretary Scott Bessent hailed the government's massive bond buyback as successful, despite rising interest rates. The move was announced in August to counteract falling demand for bonds.
The 10-year treasury yield reached a 19-year high of 5.041% on Tuesday, putting upward pressure on other loan interest rates such as mortgages and credit card debt.
Bessent attributed the success of the bond buyback to the efforts of the Trump administration in supporting the Japanese yen, a major holder of US bonds.