US Treasury bond buyback announcement failed to sustain yield decline; 10Y Note Yield rebounded above pre-announcement levels within 24 hours.
Macro & Markets ·
The US Treasury's announcement of a $4 billion bond buyback program initially drove the 10-year note yield down to 4.63%, but the move proved short-lived. Within 24 hours of the 8:15 AM ET announcement, the yield had rebounded to 4.71%, above its pre-announcement level of 4.68%, suggesting the intervention failed to sustain downward pressure on yields.