Goldman Sachs says Treasury buybacks won't be enough to tame bond yields

Goldman Sachs said the Treasury's plan to buy back more long-dated government bonds has done little to calm the bond market. Treasury yields remained elevated after Treasury Secretary Scott Bessent said the department would repurchase up to $6 billion of 10- to 20-year debt. On Wednesday, the benchmark 10-year Treasury yield was around 4.85%, near its highest level since October 2023, while 20-year and 30-year yields traded at about 5.3%. Goldman attributed the elevated yields to persistent deficits, AI-related borrowing, and resilient economic data.

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