JPMorgan likens Treasury's $4B bond buyback to paying mortgage with credit card

MacroDigital Finance
โดย Moneywise.com under the title·US·Read original
Summary · why it matters

JPMorgan's James Sullivan compared the U.S. Treasury's plan to buy back at least $4 billion of longer-term bonds and reissue shorter-term debt to 'paying your mortgage with your credit card,' warning the strategy only defers the nation's $40 trillion debt problem. The Treasury announced late last week it would at least double liquidity support buyback operations for 10- to 30-year bonds between Sept. 9 and Nov. 4, 2026, a move that initially pushed 30-year yields down from a 19-year high of 5.34% to 5.18% before they rebounded near 5.25%. ING's Padhraic Garvey said the unexpected timing signaled the Treasury is monitoring and prepared to act, but the recovery will merely 'dampen but not abort the pressure.' The Treasury currently spends about $3 billion per day on interest payments to bondholders.

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