🇺🇸 The bond market is refusing to cooperate
The U.S. 10-year Treasury yield has surged above 4.90%, its highest since 2023, even after the Treasury tripled its long-term bond buyback to $6 billion.
That is the uncomfortable part: Treasury announced a larger intervention meant to support the long end, and yields went higher anyway.
At 4.92%, mortgages, corporate borrowing and the government’s own refinancing costs all become increasingly painful.
Washington can buy bonds.
It still has to convince someone to want them.
The U.S. 10-year Treasury yield has surged above 4.90%, its highest since 2023, even after the Treasury tripled its long-term bond buyback to $6 billion.
That is the uncomfortable part: Treasury announced a larger intervention meant to support the long end, and yields went higher anyway.
At 4.92%, mortgages, corporate borrowing and the government’s own refinancing costs all become increasingly painful.
Washington can buy bonds.
It still has to convince someone to want them.
