What’s Really Going on with the Treasury Buybacks
Treasury Secretary Scott Bessent has described himself as the “ nation’s top bond salesman. ”
This week, the Treasury Department expanded an age-old sales tactic, offering a trade-in deal in which the market could exchange old bonds for new. The market reacted to this by bidding up bond prices, pushing down yields. Quite a few economic pundits, apparently high from sniffing the fumes of Trump Derangement Syndrome, decided that this meant the sky was falling.
More specifically, Treasury announced Wednesday that it would raise the maximum size of its buyback operations for bonds with between 10…
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