Tension in US debt: Treasury announces it will double bond buybacks and manages to lower long-term yields

The Corner The US Department of the Treasury announced yesterday that it will more than double the volume of its public debt buybacks, a move that triggered a sharp drop in bond yields at a time of high market tension. The 30-year yield, which was nearing 5.34%, fell to 5.20%. The 10-year bond yield also dropped by 10 basis points, from 4.75% to 4.65%, driven in large part by the closing of...