10-year Treasury yields hit multiyear high after buyback increase

The yield on the 10-year U.S. Treasury bond hit a three-year high on Wednesday, after the Treasury Department unveiled plans to triple how much government debt it can buy back.

The 10-year bond yield was up more than 2 basis points to more than 4.83 percent, after peaking at more than 4.85 percent earlier in the day. That marked the highest intraday yield since November 2023.

If the 10-year bond yield closes above Tuesday’s finishing point of slightly more than 4.8 percent, it would mark the highest the note has closed at since Oct. 19, 2023, when it closed at 4.99 percent, according to Tradeweb .

Earlier Wednesday, the Treasury Department revealed it will increase its buyback limit of 10- to 20-year securities from $2 billion to $6 billion. The department will put the plan into action during a 20-minute liquidity support operation that will conclude at 2 p.m. EDT Thursday, according to its tentative operations schedule.

The department initially advised last month it would raise its buyback limit from $2 billion to “at least” $4 billion. That announcement came after the 30-year Treasury bond yield hit the highest intraday mark since before the 2008 financial crisis.

The 30-year bond yield was up roughly 2 basis points on Wednesday, to more than 5.28 percent. That is below the 19-year intraday high of 5.33 percent, which the note reached on Aug. 18.

Earlier Wednesday afternoon, the Treasury Department bought back $12.5 billion worth of shorter-term securities, in the 1-month to 2-year sector, which is the maximum amount it can buy back. The department repurchased the same amount of those securities Thursday.

The department will also repurchase 20- to 30-year securities on Sept. 24, with a maximum of at least $4 billion, according to its operations schedule.

Investors have fled the bond market due to persistent inflation amid the Iran war and mounting government debt — the U.S. national debt crossed the $40 trillion threshold last month.

The increase in bond yields comes with adverse impacts on Americans, who face increased borrowing costs. The benchmark 30-year mortgage rate, which tracks the 10-year Treasury bond yield, hit 6.71 percent last week, its highest point since July 2025.