U.S. Treasury Doubling Long-End Debt Buybacks Highlights Underlying Issues
Dow Jones
2 hours ago
0820 GMT - The U.S. Treasury's attempt to dampen the rise in bond yields under the guise of scaled-up liquidity operations has only drawn more attention to underlying issues, ING's Benjamin Schroeder says in a note. The growing U.S. debt load and the limited ability or willingness to rein in the U.S. deficit have received more attention, the rates strategist says. "While it has been signalled that some announcements to cut back on wasteful spending will be made in coming days, without a big rethink coming from Congress, we are only looking at trimming the edges," Schroeder says.
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