Bessent says Treasury's buybacks were a success

Sept. 15 (Reuters) - U.S. Treasury Secretary Scott Bessent said on Tuesday the Treasury's recent buybacks of longer-dated U.S. debt were successful, noting demand for U.S. Treasurys in two auctions that followed the intervention.

U.S. bond yields rose after the Treasury undertook its most buyback last week, though Bessent had described the buybacks as a way to inject liquidity and to counter rising bond yields that are increasing the government's cost of servicing its debt.

"There is a counterfactual of what would it have done -- and we then proceeded to have the two most successful Treasury auctions that we've had in 20 years," Bessent told a congressional hearing. "Since President Trump has come in, (the US bond market) has been the best performing bond market in the developed world."