The US Treasury Department announced on Wednesday it will buy back $6 billion of government debt, an operation aimed at keeping bond markets functioning and putting a lid on Treasury yields. This move triples the normal buyback amount and follows Treasury Secretary Scott Bessent's August 19 announcement that the department would at least double the normal amount for already-issued securities. The actual buybacks will occur on Thursday, concluding at 2 p.m. ET. However, market reaction was negative, with the benchmark 10-year Treasury yield rising nearly 4 basis points to 4.841% on the day.