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, giving investors more insight into the size of the operation first announced last month.

Treasury Secretary Bessent doubles buyback operations to at least $4 billion per session targeting long-dated bonds as 30-year yields hit 19-year

The US Treasury said Wednesday it would buy back up to $6 billion in bonds this week as rising yields threaten to push up borrowing costs.

The Treasury announced the buyback operation, which will include buying up 10-year and 20-year Treasury bonds.

Long-term yields rise despite latest move by Scott Bessent as he tries to calm bond market