Thedéen says Trump's US bond buyback raises refinancing risks

The US government describes it as a liquidity measure.

"What you're doing here is shortening the maturity of the government debt, although you're expressing it in a different way. But that's kind of what this is about," says Thedéen.

It is probably linked to these large interest rate increases we have had, and that is why the US Treasury Department has chosen to do this.

Thedéen also points out that the problems with large budget deficits and national debt in the US remain and are potentially pushing up interest rates.