Treasury buybacks and Fed rate hike signals roil bond market

The US Treasury announced it would double its buybacks of long-dated bonds to calm a market selloff that sent yields to multi-year highs.

Federal Reserve minutes showed many officials supported rate hikes if inflation persists, adding to market volatility.

The move by Treasury Secretary Scott Bessent was seen as an interventionist step to control borrowing costs.

Gold surged over 3% and the dollar fell as investors reacted to the Treasury's surprise announcement.