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The Treasury tries to rein in bond yields

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The US dollar plunged to a three-month low after the Treasury Department announced it would double its long-term bond buyback programme to at least $4 billion per operation in an effort to contain surging yields.

When Treasury Secretary Scott Bessent said last week that Washington would at least double its purchases of long-term US bonds to a minimum of US$4 billion per operation, aiming to assuage investor concerns about the government's soaring borrowing costs, the move took markets by surprise.

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