Why Treasury Secretary Bessent’s efforts to calm the bond market have not worked so far
- U.S. Treasury yields rose again even after Treasury Secretary Scott Bessent said the government would expand its bond buyback program.
- The 10-year Treasury yield climbed back to 4.69%, while the 30-year bond yield stayed near a 19-year high at 5.23%.
- The buyback program is meant to reduce the supply of longer-dated Treasurys and support bond prices, which would lower yields.
- Investors remain worried about large federal debt, heavy bond issuance by technology companies, and the Federal Reserve’s commitment to fighting inflation.
- Bessent said the administration may announce a new deficit-reduction effort, but market participants said cutting the deficit depends largely on Congress.
- Higher bond yields can raise borrowing costs for consumers and businesses, making the recent move a potentially negative signal for stocks and mortgages, and broadly supportive for the dollar relative to risk assets.
U.S. bond yields moved higher again after Treasury Secretary Scott Bessent announced steps intended to steady the market. The 10-year Treasury yield rose back to 4.69%, and the 30-year yield remained near a 19-year high, showing that the Treasury’s latest move has not yet calmed investors.
Bessent said Treasury will double the size of its bond buyback program starting next month, with the aim of reducing the supply of longer-term bonds and lifting their prices. He also said the program could be expanded further if needed.
The market’s concern extends beyond the buyback plan. Investors are still focused on large federal debt, heavy borrowing by technology companies to fund AI data centers, and doubts about how strongly the Federal Reserve will fight inflation.
Bessent said the administration may soon announce another effort to reduce the budget deficit. Even so, market participants said the scale of the deficit problem means the Treasury alone cannot fully offset the pressures driving yields higher. For markets, the result is mildly negative for stocks and housing-related borrowing costs because higher yields translate into more expensive financing.
为何美国财长贝森特平抑债市的举措目前尚未奏效
在美国财长斯科特·贝森特宣布旨在稳定市场的新举措后，美国国债收益率再次走高。10年期美债收益率回升至4.69%，30年期收益率仍接近19年来高位，说明财政部最新动作目前还没有让投资者安心。
贝森特表示，财政部将从下个月起把国债回购计划规模扩大一倍，目标是减少长期国债供给、抬升债券价格。他还说，如果有需要，计划规模还可以继续扩大。
市场担忧并不只来自回购安排本身。投资者仍在关注联邦债务规模偏大、科技公司为建设人工智能数据中心而大量发债，以及外界对美联储抗通胀力度的疑虑。
贝森特称，政府可能很快公布新的减赤举措。不过，市场人士指出，赤字问题的规模意味着财政部本身难以完全抵消推动收益率上行的压力。对市场而言，这对股市和住房相关融资成本偏空，因为更高的收益率意味着融资更贵。