Bessent confirms plan to proceed with bond auctions as scheduled

MacroDigital Finance
โดย Bloomberg·US·Read original
Summary · why it matters

US Treasury Secretary Scott Bessent confirmed that the Treasury will proceed with bond auctions as originally planned, avoiding any additional signals about changes to debt management strategy, following reports that it may draw funds from the Treasury General Account, or TGA, to buy back older bonds with high yields. Bessent told reporters that the Treasury has not bought a single bond and that no changes will be made before the next quarterly debt management announcement in early November. Earlier, CNBC reported, citing senior Treasury sources, that the department may use funds from the TGA, which had a balance of 935 billion dollars as of August 20, to buy back bonds instead of issuing additional short-term Treasury bills. Last week, the Treasury announced an expansion of its buyback program for 10- to 20-year and 20- to 30-year bonds from 2 billion dollars to 4 billion dollars per operation between September 9 and November 4, after the 30-year bond yield surged to 5.34 percent, its highest level in nearly 20 years. Analysts at Morgan Stanley estimate that the Treasury may have surplus cash of around 80 billion to 200 billion dollars available to increase bond buybacks, while Goldman Sachs, Wells Fargo, and other financial institutions view the measure as likely to ease pressure on yields only modestly, with new macroeconomic factors needed to help push bond yields lower.

Impact on stocks 5

Financials▲ · 3 stocks
Goldman Sachs Group Inc
GS
± MixedMonetaryrelevance

Goldman Sachs is cited as viewing the buyback measure as likely to ease pressure on yields only modestly, with no direct impact on the firm.

Morgan Stanley
MS
± MixedMonetaryrelevance

Morgan Stanley analysts estimate surplus cash available for buybacks, but this is an analytical view, not a direct impact on the firm.

Wells Fargo & Company
WFC
± MixedMonetaryrelevance

Wells Fargo is mentioned alongside Goldman Sachs as viewing the measure as modestly easing yield pressure, with no direct impact on the firm.

Others▼ · 2 stocks
％United States 30 Year Bond Yield
US-30Y
▼ NegativeMonetaryrelevance

The 30-year yield surged to 5.34%, its highest in nearly 20 years, and the Treasury's confirmation of no immediate changes may not alleviate upward pressure.

％United States Government Bond 10Y
US-10Y
▼ NegativeMonetaryrelevance

Treasury confirms no change to bond auctions, avoiding additional signals, but the 30-year yield surge and potential buyback expansion may keep pressure on yields; the 10-year yield is likely to remain elevated.

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