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 4.84%, its highest closing level since October 2023. Yields moved higher after the Treasury Department’s announcement, signaling some skepticism from investors.
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 Treasury Department said the buybacks aim to provide support and help bond markets function smoothly. Buybacks can also help try to tame rising bond yields, which have climbed in recent weeks to multi-year highs.
