Treasury Buyback Drove 30-Year Yields Down 10 bps — Then the Rally Unraveled

On August 18, 2026, the 30-year Treasury yield hit 5.337%, its highest since 2007. The next day, the Treasury boosted debt buybacks, sending yields down nearly 10 basis points (a basis point is one-hundredth of a percent). By August 20, yields resumed rising and stocks fell. The buyback created a temporary bid, not a regime shift — supply and oil-driven inflation pressure persist.