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Treasury yields hit nearly three-year high as Bessent's $6bn buyback falls short

9/9/2026

The ten-year Treasury yield, the interest rate the U.S. government pays investors to borrow for a decade, jumped to its highest level in nearly three years.

Bessent's $6 billion repurchase programme, an upsized version of a plan to buy back government bonds from the market, did not stop the move.

A repurchase programme works by reducing the supply of bonds in circulation, which is designed to push prices up and yields down. The buyback announced by Bessent was bigger than prior iterations.

That did not matter to investors, who sold regardless. The ten-year yield is the government's long-term borrowing benchmark. When it rises, the cost of issuing new debt rises with it.