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Treasury Doubles Long-Term Buyback to $4 Billion

8/24/2026

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Summary

Story summary

Treasury Secretary Scott Bessent announced the Treasury will double its long-term securities buyback to at least $4 billion on August 19.
Thirty-year Treasury yields have increased from 4.9 % to 5.28 % since the end of March.
Interest payments on the national debt are to consume 13.5 % of federal spending this year, up from 5.2 % in 2021.
Bessent said he could intervene again if thirty-year yields exceed 5 %.

History

Historical Context

In 1961 the Federal Open Market Committee first called a swap of short-term for long-term Treasury securities “Operation Twist.” The Treasury revived it in 1995, with Secretary Robert Rubin and Fed Chair Alan Greenspan exchanging $1.6 trillion of debt and lowering the 30-year yield by roughly 0.5 percentage point. Today's plan to double buybacks to $4 billion aims to keep 30-year yields near 5 percent as borrowing costs rise.

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Story summary

Treasury Secretary Scott Bessent announced the Treasury will double its long-term securities buyback to at least $4 billion on August 19.
Thirty-year Treasury yields have increased from 4.9 % to 5.28 % since the end of March.
Interest payments on the national debt are to consume 13.5 % of federal spending this year, up from 5.2 % in 2021.
Bessent said he could intervene again if thirty-year yields exceed 5 %.

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