U.S. Treasury Secretary Scott Bessent has dared investors to bet against him on the yen, declaring "I am the house now," as the Treasury announced it will repurchase up to $6 billion of longer-dated Treasuries at its next operation on September 10, triple the normal amount. The move is part of broader efforts to curb rising Treasury yields, which have surged amid U.S. debt topping $40 trillion, the Iran war's impact on oil prices, and higher inflation expectations. The 10-year Treasury yield was near 4.85%, and the 30-year yield slightly above 5.30%. Bessent, who famously shorted the British pound in 1992, has also coordinated yen purchases with Japan's Finance Ministry to support the yen, which has strengthened from around 158.89 to about 153.63 per dollar. Analysts at Wrightson ICAP suggest the Treasury could increase repurchases to $8 billion to $10 billion, but note it would mark a second major shift in debt strategy within two weeks.
NVIDIA CorporationTreasury buybacks and Bessent's actions aim to curb rising yields, but yields remain high near 4.85%.
Treasury buybacks and Bessent's actions aim to curb rising yields, but 30-year yield above 5.30%.
