The Treasury announced it would purchase up to $6B of longer-dated government debt in the first operation of an expanded buyback programme - triple the $2B initially communicated to investors - in an explicit effort by Secretary Bessent to stem the rise in borrowing costs. The market's response was to sell: long-dated yields rose as much as five basis points, the 30-year pushed through 5.3%, and Axios characterised the operation as having failed to shock and awe the bond market. Investor expectations had been set higher than the tripled size.