Story perspectives

Treasury to at least double 10- and 30-year bond buys

8/23/2026

Summary

Bessent Doubles Bonds

Treasury Secretary Scott Bessent announced the Treasury will at least double purchases of 10-year and 30-year bonds.
The buyback program will start on Sept. 9 after public debt exceeded $40 trillion.
After the announcement, the 30-year yield fell to 5.186% and the 10-year to 4.641%.
The Treasury’s decision bypassed its Borrowing Advisory Committee, surprising market dealers.
Japan’s yen strengthened after the Treasury’s joint intervention with Tokyo to support the currency.

Summary

Dalio Warns Debt

Ray Dalio warns a U.S. debt crisis could occur within three years, give or take two.
He estimates a $5.5 trillion revenue gap versus $7.5 trillion spending, creating a $2 trillion deficit.
Dalio says annual debt-service costs total about $11 trillion, roughly 200% of revenue.
He advises investors allocate 10–15% of portfolios to gold and a modest bitcoin position.
Gold posted a 65% dollar return last year, outpacing bitcoin.

History

Historical Context

After the 2008 financial crisis, the Federal Reserve under Chair Ben Bernanke launched QE1 in November 2008, buying $600 billion of mortgage-backed securities and expanding its balance sheet to a $2.1 trillion peak by June 2010. The program, coordinated with Treasury Secretary Henry Paulson, set a precedent that today’s Treasury plan to double long-term bond purchases echoes.

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Bessent Doubles Bonds

Treasury Secretary Scott Bessent announced the Treasury will at least double purchases of 10-year and 30-year bonds.
The buyback program will start on Sept. 9 after public debt exceeded $40 trillion.
After the announcement, the 30-year yield fell to 5.186% and the 10-year to 4.641%.
The Treasury’s decision bypassed its Borrowing Advisory Committee, surprising market dealers.
Japan’s yen strengthened after the Treasury’s joint intervention with Tokyo to support the currency.

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