Treasury Yields Push Higher Despite Larger Debt Buybacks

U.S. Treasury yields continued to rise despite the government's efforts to stabilize them through larger debt buybacks.

The 10-year Treasury yield approached 5% on September 11, with the benchmark rate reaching 4.979% before easing back to 4.95%. The move was driven by inflation pressure and concerns about oil prices, which hit a high of $108.96 per barrel during Asian trading.

The government had increased the size of its long-end debt buyback program from $2 billion to at least $4 billion per operation, but this failed to reverse selling across longer maturities.

Higher Treasury yields also weighed on risk assets, with Bitcoin and Ether weakening alongside equities. The 30-year yield climbed to 5.3836%, its highest level in about 19 years, adding to pressure on an already fragile risk environment.