US Treasury Buyback Scale Falls Short of Expectations, Besant Alleviates Market Concerns

U.S. Treasury Secretary Besant has alleviated market concerns regarding the lower-than-expected scale of Thursday's Treasury buyback operations, stating that the current state of the U.S. Treasury market is good. He noted that two recent Treasury auctions performed strongly and reiterated the unusually high correlation between bond and energy prices. The yield on the two-year U.S. Treasury reached its highest level since 2024, while the yield on the ten-year U.S. Treasury also rose to its highest level since 2023. Factors contributing to the sell-off include soaring oil prices and the actual number of bonds repurchased by the Treasury being less than expected. The U.S. Treasury announced on Wednesday plans to buy back up to $6 billion in bonds, but the actual total for Thursday's buyback was only $5.19 billion. Besant indicated that bondholders seem more willing to continue holding long-term securities, as the Treasury received only about $10 billion in sell offers this time, whereas it typically receives offers of around $20 billion.

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