US Treasury tries to soothe the bond market

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• 00:01

  Good morning from the Financial Times.

• 00:04

  Today is Thursday, August 20th, and this is your FT News Briefing.

• 00:10

  The U.S. Treasury is hoping to calm the bond sell-off,

• 00:14

  and Moderna's stock price got a booster after some positive trial results.

• 00:20

  Plus, U.S. Law firms are using a controversial recruiting practice.

• 00:26

  I'm Sonia Hudson, InfoMark Filipino, and here's the news you need to start your day.

• 00:59

  U.S.

• 01:14

  Treasury is trying to contain a bond sell-off in order to keep borrowing costs from rising further.

• 01:38

  It announced yesterday it would at least double purchases of long-term government debt.

• 01:42

  But will that strategy work?

• 01:43

  Here to tell us is the FT's Claire Jones.

• 02:33

  Hi, Claire.

• 02:34

  Hi, Sonia.

• 02:35

  Can you explain the Treasury's thinking here?

• 03:36

  Why would buying government debt help limit the sell-off?

• 03:40

  So coming into this surprise move, as you say,

• 03:59

  we've seen quite a big sell-off at the long end of the US Treasury market.

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  We've seen longer term bonds, which are particularly important for the government's borrowing costs and also household

• 04:09

  and businesses borrowing costs, rise in quite heavily over recent weeks.

• 04:10

  What the US Treasury said it was going to do in a surprise announcement on Wednesday morning was say that it would...

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