US Treasury Doubles Bond Buybacks
The US Treasury doubled bond buybacks to steady the government debt market ahead of midterm elections. Meanwhile, Moderna shares surged following a cancer vaccine breakthrough with Merck.
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United States government debt yields steadied on Wednesday after the Treasury doubled bond buybacks to $20B over two months. The surprise intervention helped stabilize a shaky market as total federal obligations topped $40 trillion for the first time. The debt expansion and subsequent short-term debt reliance follow a surge in long-dated yields to multi-decade highs.
