US Treasury to boost long-term bond purchases in bid to steady market

The US Treasury announced it will at least double purchases of long‑term debt, boosting buying of 10‑20 and 20‑30 year securities from $2bn to $4bn. This move comes amid strains in the $32tn Treasury market and inflation worries linked to the Iran war and rising debt.

Markets reacted swiftly: the 30-year bond yielded 5.21% after a 5.34% high earlier this year, while the 10‑year benchmark slid to 4.67%. A recent 30‑year auction hit the highest yield since 2001, and the dollar fell 0.7% on the announcement.

Analysts warned the surprise could dent Treasury credibility; Jefferies said guidance reliability was reduced. The Treasury will offset buybacks by issuing more short‑term debt, shifting borrowing toward T‑Bills and potentially raising yields on 3‑ and 6‑month bills.

Treasury Secretary Scott Bessent remains focused on keeping long‑term costs low, while investors seek an improved deficit outlook amid ongoing inflation and large US deficits.

美财政部宣布将至少翻倍增加长期债务购买，从20亿美元增至40亿美元。这一举措在32万亿美元的国债市场出现压力以及与伊朗战争和债务上升相关的通胀担忧之际作出。

市场迅速做出反应：30年期国债收益率达到5.21%，早于本年早些时候的5.34%高点，而10年期基准收益率下滑至4.67%。最近一次30年期拍卖创下自2001年以来的最高收益率，以及美元在这一公告后下跌0.7%。

分析师警告称，这一意外举措可能损害财政部的信誉；杰斐里斯表示指导可靠性降低。财政部将通过发行更多短期债务来抵消回购，向T票倾斜借款，并可能提高3月和6月票的收益率。

财政部长斯科特·贝森特仍致力于保持长期成本低廉，而投资者在持续的通胀和庞大的美国赤字之中寻求改善的赤字前景。

关键实体：人物：丹尼尔·默里，罗伯特·蒂普，乔治·萨拉戈斯，盖纳迪·戈德堡，斯科特·贝森特，史蒂夫·英格兰 | 地点：华盛顿，伦敦，纽约