US Treasury Secretary Bessent on buybacks, says off-the-run securities are less liquid and make a market buying older bonds

Newsquawk Staff · 8 Sept 2026, 15:46 UTC

'Fever' was building in bond market pre-buyback news.
Cannot change bond equilibrium price.
Rejects idea that investors are scared about US credit.
If people were worried they'd buy Bunds vs. Treasuries.

What our morning note said

US Market Open, 8 Sept, 09:52 UTC · what it led with

Yemeni Houthis confirm that they hit a Saudi Aramco oil refinery and targeted an air base in retaliation for recent Saudi strikes.
Canada’s retaliatory tariffs on US goods took effect as scheduled, while US President Trump called for a halt to US sales of Bombardier aircraft.

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Fed Governor Waller (Voter) Q&A: With CPI and PPI in hand, have a pretty accurate view of PCE inflation; there is little cost to waiting one meeting.
10yr UST futures+0.1%
A ceasefire between the US and Iran has been agreed upon, it includes free navigation in the Strait of Hormuz and will be announced in the coming days, reports Ria citing Pakistani and Iranian sources
10yr UST futures+0.1%
Iran and US talks continue, and reports that the deal is close are wrong.
WTI crude+1.5%

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