U.S. Treasury Buyback Size Falls Short of Expectations, Bessent Downplays Market Concerns
- U.S. Treasury Secretary Bessent downplayed market concerns over Thursday's Treasury buyback falling short of expectations and worries about a sharp rise in U.S. Treasury yields.
- The U.S. bond market is currently in 'very good shape' according to Bessent.
- He highlighted the strong performance of two Treasury auctions held over the past few days.
- The correlation between bonds and energy prices has been unusually high recently.
- The actual Treasury bond buyback amount was $5.19 billion against an announced up to $6 billion.
- Offers received were about $10 billion compared to the usual $20 billion as bondholders were more willing to hold long-term securities.
U.S. Treasury Secretary Bessent downplayed market concerns over the Treasury buyback operation falling short of expectations and worries over a sharp rise in U.S. Treasury yields. He stated that the U.S. bond market is currently in "very good shape."
He highlighted the strong performance of two Treasury auctions held over the past few days and reiterated that the correlation between bonds and energy prices has been unusually high recently.
Earlier, the two-year U.S. Treasury yield hit its highest level since 2024, while the 10-year yield rose to levels not seen since 2023. Factors triggering this sell-off include a surge in crude oil prices and the Treasury's actual bond buyback amount falling short of expectations.
The U.S. Treasury had announced plans to buy back up to $6 billion in bonds, but the actual total buyback on Thursday was only $5.19 billion. Bessent noted that bondholders appeared more willing to hold onto their long-term securities, with offers typically around $20 billion but this time only about $10 billion received.
美国财政部回购规模不及预期，贝森特淡化市场担忧
美国财政部贝森特淡化了对财政部回购操作规模不及预期以及美国国债收益率大幅上涨的担忧。他表示，美国债券市场目前状况“非常良好”。
他强调过去几天两场国债拍卖的强劲表现，并重申债券与能源价格的相关性最近异常高。
此前，两年期美国国债收益率达到2024年以来的最高水平，十年期收益率也升至2023年以来的水平。引发这一抛售的原因包括原油价格上涨和财政部实际债券回购金额不及预期。
美国财政部宣布计划回购高达60亿美元债券，但周四实际回购总额仅为51.9亿美元。贝森特表示，债券持有人似乎更愿意持有长期证券，通常收到200亿美元的售出报价，但这次仅收到约100亿美元。