Benchmark 10-year Treasury yields reached their highest levels since 2023 on Wednesday after the announcement of an enlarged Treasury buyback of longer-dated bonds disappointed some investors who had wanted more.

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.