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Treasury to double long-dated bond buybacks to $4B

8/22/2026

24 1 Full Breakdown

Summary

Bessent Doubles Buybacks

U.S. Treasury Secretary Scott Bessent announced the U.S. will double long-dated bond buybacks to at least $4 billion per operation.
Spot gold rose 2.3% to $4,619.57 per ounce, on track for a third weekly gain of 5%.
Gold futures climbed 2.4% to $4,680.60 per ounce, above the 200-day moving average near $4,513.

Summary

Bessent Launches Buybacks

Treasury will fund expanded buybacks by issuing shorter-term Treasury bills.
The program targets liquidity support for long-dated securities that trade less actively.
A $16 billion 20-year auction failed, sparking a “buyers’ strike” in long-dated debt.
Before the announcement, the 30-year yield hit 5.33%, its highest since June 2007.
Operations begin on September 9, disclosed by Treasury Secretary Scott Bessent.

History

Historical Context

In November 2008 the Federal Reserve, led by Ben Bernanke, began its first quantitative-easing program, buying $1.7 trillion of Treasuries—including $600 billion of long-dated bonds—to stop a credit freeze that had threatened the U.S. market in the United States. That precedent informs Treasury Secretary Scott Bessent’s 2024 $4 billion bond-buyback, aimed at reviving thin 30-year note trading.

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Bessent Doubles Buybacks

U.S. Treasury Secretary Scott Bessent announced the U.S. will double long-dated bond buybacks to at least $4 billion per operation.
Spot gold rose 2.3% to $4,619.57 per ounce, on track for a third weekly gain of 5%.
Gold futures climbed 2.4% to $4,680.60 per ounce, above the 200-day moving average near $4,513.

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