Bessent flags bigger debt buyback potential, coming fiscal plan
The US Treasury Secretary announces an ‘increased focus on fiscal consolidation’
US Treasury Secretary Scott Bessent announced plans to expand efforts to buy back costlier debt and unveil a new fiscal initiative to address high borrowing costs. The administration will reveal this initiative "probably at the end of this week, beginning of next week," according to Bessent. The move aims to ensure orderly trading in a thin summer market and to focus investors on "fundamentals."
Bessent stated the potential expansion of buyback operations could exceed the initially planned amount of $4 billion. The announcement comes amid rising 30-year and 10-year Treasury yields, which reached their highest levels in nearly two decades and since before President Trump took office, respectively. Bessent downplayed the market impact of the buyback announcement, describing it as "noise," and highlighted that the expanded operations could be more than the current plan.
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