New York —
US bond yields rose Wednesday to their highest levels in almost three years after the Treasury Department said it would buy back up to $6 billion of government bonds, putting a dollar figure on the operation first announced last month.
The 10-year US Treasury yield rose to 4.85%, its highest level since 2023. If the 10-year yield ends the day above 4.82%, it would be the highest closing level since October 2023.
The Treasury Department on August 19 announced it would at least double the size of bond buybacks from September to November. The announcement on Wednesday pins the buybacks at up to $6 billion, triple the size of the standard $2 billion operation.
The operation aims to tame rising bond yields, which have climbed in recent weeks to multi-year highs. The buybacks, which target long-dated bonds like the 10-year, are set to take place on Thursday.
