U.S. 10-Year Yield Jumps as Treasury's Buyback Plan Disappoints Investors -- WSJ

By Caitlin McCabe and Sam Goldfarb

Treasury yields are rising to new highs after investors expressed disappointment that the Treasury Department's expanded bond buyback program isn't larger.

The 10-year yield approached 4.85%, its highest level since 2023, after Treasury said it would buy back up to $6 billion in longer-term debt at its Thursday buyback operation. Some expected a larger buyback, which could have calmed yields down a bit more.

Bessent had "set expectations really high" when he had emphasized last month that doubling the size of buybacks to $4 billion per operation was the minimum that he could do, said Leah Traub, a fixed-income portfolio manager at Lord Abbett.

Yields pared gains after a strong Treasury auction at 1 p.m. ET, with the 10-year recently trading around 4.83%. U.S. stock indexes are trending lower, with the Dow leading losses again. It would be the third straight decline for major U.S. benchmarks.

In energy, oil crossed the $100-a-barrel threshold this morning after a fresh round of strikes in the Middle East. The U.S. destroyed four Iranian tankers in the Gulf of Oman and one near Kharg Island yesterday, following attempts by Tehran to strike American warships.

The last time Brent crude futures hit $100 was in July.

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September 09, 2026 14:06 ET (18:06 GMT)