BESSENT said on Tuesday the Treasury’s recent buyback operations of long-dated
U.S. Treasuries have been successful and demand was strong at the two auctions
following the intervention. He said the repurchases were intended to inject
liquidity and curb rising yields that increase government borrowing costs, but
yields rose after the Treasury’s largest buyback last week. "We can imagine what
would have happened had we not acted and then had the two most successful
Treasury auctions in 20 years," BESSENT told a congressional hearing. He added
that since President Trump took office the U.S. bond market has been the
best-performing developed-market bond market.
