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Scott Bessent oversees Treasury Department debt buyback plan to purchase $6 billion of longer-date government debt

The Treasury Department announced a plan to buy back $6 billion of longer-date government debt. Treasury Secretary Scott Bessent stated that the department will execute this operation, which is triple the normal amount.

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This news follows a previous announcement by Scott Bessent that the Treasury would at least double debt repurchases. Yields on U.S. Treasuries rose on Wednesday, with the 10-year Treasury note yield reaching 4.845% and the 30-year Treasury bond yield reaching 5.295%. The 2-year yield rose nearly 4 basis points to 4.436%. Yields moved higher despite the buyback because some market participants expected a larger purchase of $7 billion or $8 billion. Oil prices also rose on Wednesday, with Brent crude futures settling at $101.21 a barrel and U.S. West Texas Intermediate futures closing at $96.05. These figures represent the highest settles since May for both benchmarks. Rates eased from their highs following a strong auction of 10-year Treasurys.

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