The US Treasury plans to tap nearly $1 trillion from its general account to buy back long-dated bonds and push down yields amid $40 trillion in

The 30-year US Treasury yield hit 5.34%, its highest since 2007, as foreign buyers shift to higher-yielding overseas bonds and national debt tops

"If the market price of USTs is not 'allowed' to adjust down, the foreign exchange price of UST owned by foreign investors has to adjust via a weakening in the dollar."