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Happy Friday. Stock futures were rising Friday following a sharp sell-off, as Treasury’s efforts to bolster bond buybacks failed to reassure investors.
U.S. Treasury Secretary Scott Bessent said the Treasury had doubled the size of its long-term debt buybacks from $2 billion to at least $4 billion per operation. He also discussed currency interventions involving the yen and peso and new fiscal consolidation plans.
Bessent told CNBC on Thursday that the accelerated buyback of government debt could be higher than the announced $4 billion.
“We’re going to increase the size of the buyback,” he said. “I would note that it could be more than the 4 billion per issue.”
Bessent declined to attach a figure, saying it will depend on market conditions.
“We’ll see what the conditions are, and you know we will analyze them,” he said. “All we’re trying to do is get people to focus on the fundamentals and not trade the headlines during a quiet period in a thin market.”
Stocks closed lower Thursday, pulled down by rising Treasury yields, surging crude oil prices and a steep drop in retail bellwether Walmart, which missed expectations for comparable U.S. sales.
“Markets are ending the week on a softer tone after the relative calm of early August was disrupted by renewed pressure in global bond markets, another rise in oil prices and growing uncertainty around the Federal Reserve’s next move,” said Daniela Hathorn, senior market analyst at Capital.com.
“U.S. equities have pulled back from record highs, with the Nasdaq among the weaker performers, as higher long-term borrowing costs once again challenge elevated valuations.”