Treasury doubles its long-end buyback support to $4B — 30-year yield falls to 5.207% as Health Care leads a tape where semis refuse to bounce

The ten lines

1. 1

   LEVEL Treasury Buyback Doubling

   The US Treasury said today it will double its liquidity-support buyback operations for longer-dated debt — from $2 billion to at least $4 billion per operation, in the 10-to-20-year and 20-to-30-year sectors, running September 9 through November 4. Long yields fell sharply off levels near 19-year highs: the 30-year drops roughly 7.8 basis points to 5.207%, the 10-year eases about 5bp to 4.66 from yesterday's 4.706 close. The move lands hours after today's Pulse stood up this diary's long-end monitoring complex — the Treasury just put a hand directly on the line those instruments now watch.

2. 2

   UP Target

   TGT

   TGT trades +4.66% at 159.58 at midday on revenue of $26.54B versus $26.15B expected — the clean beat inside a retail print week where TJX and, on pattern, ADI have not been paid the same way.

3. More from Closelooknet Sector Rotation Where the money is rotating across the eleven sectors — the board behind the day’s leadership story. Open the rotation board →
4. 3

   UP SPDR Gold Shares

   GLD

   GLD gains 3.36% to 411.93, reversing yesterday's -1.71% sell in a single session — the hedge bid is back on the same day policy support pushes long yields down, leaving open whether this is a rates move or a hedge move; both readings hold.