The Ministry of Finance steps in to curb bond market sell-off; the US dollar loses key support and hovers near a three-month low

智通财经2026/08/20 06:01

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The US Department of the Treasury announced that it will expand the size of long-term Treasury bond repurchases to at least $400 million each time, in an effort to curb the wave of bond market sell-offs. Previously, the yield on 30-year US Treasuries had surged to 5.3%, the highest level since 2007. A senior rates strategist at TD Securities pointed out that while this move is not Quantitative Easing (QE), the Treasury has made concessions to market pressure and indicated that the repurchase size may expand further in the future—more details on the plan will be released on November 4th (the day after the midterm elections).
A senior market analyst at StoneX stated that the Treasury's intervention means the US dollar has lost one of its strongest remaining pillars of support, and this year's peak for the dollar may already be in the past. The US Dollar Index is currently hovering near a three-month low.
The key question is whether bond traders are willing to cooperate and support the bond market, in order to limit further increases in yields. While the Treasury's intervention has alleviated pressure at the long end, whether it can truly reverse market concerns over the fiscal deficit and inflation remains uncertain.

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智通财经•2026/08/20 06:26