US to buy back 6 billion in bonds, 30-year yields highest since 2008

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Scott Bessent made announcement on Wednesday as bond yields rose to highest point since 2008 financial crisis

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The US treasury will buy back $6bn worth of government debt in an effort to alleviate a sell-off in the US bond market , the treasury secretary, Scott Bessent, announced on Wednesday.

Rising inflation and uncertainty from the war in Iran have spooked investors from US bonds, what has historically been known to be one of the safest investment vehicles. Treasury yields have been rising, with the yield for the 30-year treasury bond hitting about 5.2% – the highest yield since the 2008 financial crisis.

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