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The Treasury Department's $6 billion bond buyback, an effort to stem rising yields, fell far short of expectations Thursday. The repurchase of government debt led to Treasury yields continuing to climb, with the 10-year note topping a three-year high. Potential home buyers and refinancers hoping for some mortgage rate relief instead saw rates creep toward, and in some reports, top 7%.
Yields were mixed Friday, with the 10-year Treasury remaining just below 5%.
In an interview Thursday evening with conservative strategist Steve Bannon on "War Room," Treasury Secretary Scott Bessent disputed the talk that the buyback program failed.
"This whole nonsense today that our operation didn't work — well, our operation didn't work, because we only had $10 billion of offers for our buyback program," Bessent said. "Normally, we get $20 billion, and we only buy the bonds back cheap. People seem to want to keep their long-term bonds, because we only had half as many offers. So, it's a bunch of noise, and in my career, I made money ignoring the noise."