US Treasury Secretary Scott Bessent speaks at a press conference at the Treasury Department in Washington, D.C., on Monday (local time). [AP]
US Treasury Secretary Scott Bessent speaks at a press conference at the Treasury Department in Washington, D.C., on Monday (local time). [AP]

US Treasury Secretary Scott Bessent announced plans to expand bond buybacks to curb rising long-term government bond yields but sidestepped questions about the possibility of additional market measures.

Speaking at a press conference Monday (local time) following an announcement of sanctions on Iran, Bessent was asked whether the Treasury was considering reducing the size of long-term government bond auctions. "We will continue our regular government bond auction program," he said. He added that any decision on auction sizes would be made as scheduled during the next quarter's debt issuance announcement.

The remarks came as the Treasury moved to expand buybacks to rein in rising long-term yields, with some market observers raising the possibility of further reductions in long-term bond issuance.

Bessent also gave no direct answer when asked whether the Treasury planned to further expand bond buybacks. "We have not yet bought a single bond," he said, adding that "the next buyback is Sept. 9."

The Treasury announced Aug. 19 that it would at least double the size of government bond buybacks aimed at supporting liquidity in long-term securities, with the measure taking effect Sept. 9.


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