US Bond Buyback Pledge Prompts Japan Comparisons and Dollar Pressures
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US Buyback Pledge Draws Japan Comparisons and Pressures Dollar The US bond buyback pledge that whipsawed markets this week is prompting comparisons with policies in Japan, where efforts to contain borrowing costs resulted in prolonged currency weakness. The dollar is trading at a three-month low and is on track for its worst week this month. Geoffrey Yu, Senior EMEA Strategist at BNY, discusses the treasury buy backs and the dollar's resilience in correlated selloffs. (Source: Bloomberg)
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The Treasury Department said Wednesday it would at least double the size of liquidity-support buybacks for 10- to 30-year government debt, an effort to stabilize a selloff in longer-dated Treasurys. The announcement initially pushed Treasury yields lower and weakened the dollar, sending gold prices higher.
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Bitcoin was on track for a weekly gain of around 20% early on Friday, following a spate of positive developments for the world's largest cryptocurrency.
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MarketWatchUp 21% since Monday, bitcoin BTCUSD is headed for its best weekly return since a 23% gain in March 2024, according to Dow Jones Market Data. Friday’s action saw bitcoin, up for a fifth day in a row, climb 7.3% to reach $77,917, its best level since May. Bitcoin is on the cusp of its longest winning streak since May 5, when it saw six straight gains. Bitcoin has now gained nearly 30% from its most recent low at around $60,000 a coin — enough to get the crypto bulls excited.
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01 Bloomberg Dalio Says Sell Bonds, Buy Gold, Bitcoin as Debt Crisis Looms Billionaire Ray Dalio said investors should reduce their bond holdings and put as much as 15% of their money in gold to hedge against the risk of a US debt crisis that he warns could be just three years away.
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02 CNBC Gold prices climbed Friday, putting bullion on course for a gain of nearly 5% this week, as bond market jitters, a softer dollar and renewed concerns over U.S. debt helped revive demand for the precious metal.
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03 MarketWatch The leading cryptocurrency is up roughly 30% from its most recent low After a long, painful downdraft that erased more some $2.2 trillion in value, cryptocurrencies — and, notably, bitcoin — have come roaring back this week. Does this mean the bull market in crypto is back on?
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04 Fortune Treasury Secretary Scott Bessent appears to be heading down a path similar to Japan’s, and it signals “debasement” of the dollar, according to a top economist.
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05 Financial Times Bitcoin and gold surge as Bessent’s bond market intervention weighs on dollar World’s biggest cryptocurrency on track for best week in more than three years
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