BlockBeats News, September 9 - U.S. Treasury Secretary Bessent stated that last month's expansion of the U.S. Treasury buyback program was aimed at calming the "frenzy" sentiment forming in the bond market and pushing market prices back toward equilibrium.
Bessent said he cannot change the market's equilibrium price but hopes to reduce excessive speculation in the market. He noted that if investors were truly concerned about U.S. debt creditworthiness, they would sell Treasuries and buy German bunds, but current market behavior does not reflect that.
Bessent denied that the Treasury's bond buybacks are equivalent to the Federal Reserve's quantitative easing, describing the measure as more akin to the Fed's past "Operation Twist." The expansion of the buyback program comes as the 30-year U.S. Treasury yield rises to its highest level since 2007.
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