US Treasury yields rose as investors remained concerned about rising government debt, persistent inflation and higher borrowing costs. A larger-than-expected $6 billion Treasury buyback failed to reassure markets, with long-term yields climbing to multi-week highs. Investors remain focused on fiscal deficits, bond supply and the sustainability of demand for longer-dated Treasuries.

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.