Government to Buy Back Far More Long-Term Bonds; Interest Rates on Them Drop

On August 19, 2026, Treasury Secretary Bessent said the government will more than double its purchases of long-term government bonds. The interest rates those bonds pay fell sharply afterward. The 10-year rate had hit 4.75%, an 18-month high, and the 30-year sat at levels not seen since before the 2008 crisis. Bessent previously wanted the 10-year rate below 4%.