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Yields on the US’s longest-dated bonds climbed to the highest level in more than two decades, the latest milestone in a global selloff driven by inflation fears and concern about government debt burdens. Bloomberg Intelligence's Ira Jersey joins to discuss. (Source: Bloomberg)
The US Treasury said it will purchase up to $6 billion of longer-dated government debt on Thursday, in line with the first such operation under Secretary Scott Bessent’s expanded program to stem the recent rise in borrowing costs.
Foreign investors are piling into Chile’s government debt, pushing holdings to a new record as “Sell America” sentiment resurfaces and the country’s fiscal outlook and market reforms burnish the appeal of its bonds.
Government borrowing costs have been climbing around the world as investors demand more compensation to entice them to hold longer-maturity debt. The rise in US bond yields even prompted Treasury Secretary Scott Bessent to announce expanded buybacks of long-dated government debt — an intervention that failed to stop yields on 10-year Treasuries from breaching 5% and hitting their highest level in almost two decades.
The US government repurchased fewer 10- to 20-year securities than the maximum amount it outlined under Treasury Secretary Scott Bessent’s expanded buyback program, driving US government debt yields higher.