10-Year Treasury Yield Hits 4.7% as Bessent Expands Bond Buyback Push
Updated
Updated · The New York Times · Aug 21
10-Year Treasury Yield Hits 4.7% as Bessent Expands Bond Buyback Push
3 articles · Updated · The New York Times · Aug 21
Summary
The 10-year Treasury yield traded around 4.7% on Friday, with Thursday’s sell-off wiping out gains from a brief bond rally despite Treasury intervention.
Scott Bessent said the Treasury has a “big tool kit” and is prepared to go beyond plans to at least double repurchases of longer-dated bonds between September and November.
Bessent also pointed to headwinds from the Iran war’s economic fallout and heavy debt issuance by hyperscalers, underscoring what he called growing competition for capital.
The renewed bond turmoil has shaken the broader market narrative: S&P 500 futures edged up, but the index remained on track for a weekly loss while gold and Bitcoin rose and the dollar fell.