The yield on the 10-year US Treasury note rose toward 4.85% on Wednesday, the highest since October of 2023, after the Treasury Department tripled the buyback on notes and bonds to take place tomorrow. The department will purchase $6 billion in off-the-run securities, compared with Secretary Bessent's earlier announcement that buybacks would at least double to $4 billion, among the multiple moves by Washington to supress long-maturity yields. Yields on the long-end of the curve have surged this year as high oil prices due to the war in Iran raised underlying inflation, risking a rate hike by the Federal Reserve in upcoming meetings. This was magnified by record-setting corporate debt supply, with AI companies issuing north of $1.5 trillion in new issuance. On top of that, pressure on the Japanese yen drove Tokyo to repeatedly sell Treasury securities to defend the currency. Still, yields on the 10-year note recouped some gains after the fresh auction stopped-through 1.5bps.