US Treasury Secretary Scott Bessent's surprise plan to reduce US borrowing costs by expanding bond buybacks may have sparked intense debate about its ultimate effect, but key market indicators and position data show that the plan is having an impact. Since Bezent announced the plan last week, US Treasury bonds have outperformed same-period swaps, and the 30-year spread between the two has narrowed to its narrowest level since February. Benchmark US yields also declined after repeated initial fluctuations after the government planned to “at least double” the size of longer-term bond repurchases.

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