Biden Administration Targets $1 Trillion "Emergency Fund Pool" to Cover US Debt, Short-term Market Boosted, Bitcoin, Ethereum, Gold, and US Treasuries All Rise

BlockBeats News, August 24th, according to BlockBeats, the U.S. Treasury Department may mobilize nearly $1 trillion from the Treasury General Account (TGA) to provide funding support for the recently announced expansion of the Treasury's bond buyback plan. The market received a short-term boost after this news, as tapping into the TGA will give the Treasury a powerful tool to influence long-term bond yields.

Last week, the U.S. Treasury Department announced that it would double the size of buybacks for non-new issuance long-term bonds from $20 billion to at least $40 billion, a move that caught the market by surprise. Treasury Secretary Benson stated that the actual operation size may even exceed this new minimum threshold. However, the Treasury did not specify the source of the buyback funds.

According to HTX market data, Ethereum rose above $2500, and Bitcoin surged above $78,000.

According to BIT (bit.com) market data, U.S. stock index futures narrowed some of their losses, with S&P 500 and Dow futures down about 0.1%, while Nasdaq futures fell around 0.4%. U.S. Treasuries continued to rise, with the 10-year Treasury yield declining by 4 basis points to 4.70%.

According to Bitget market data, spot gold rose to $4670 per ounce, up 1.47% intraday.