$6 billion of 10-year notes and 20-year bonds will be repurchased Thursday in a Treasury operation covering maturities from February 2037 to August 2046.
Treasury said the larger buyback is meant to improve liquidity in longer-dated sectors where investor demand has remained strong; Bessent had already raised planned operations to at least $4 billion through early November from the usual $2 billion.
Yields still climbed after the announcement, with the 10-year note rising above 4.85%—its highest since 2023—and the 20-year bond topping 5.3%, signaling investors saw the intervention as too small.
Matt Cole of Strive said buybacks of $2 billion to $6 billion are negligible against more than $40 trillion in national debt and projected annual deficits above $2 trillion, pointing instead to a broader structural debt problem.