Markets Close: US Today

4.85% — The 10-year Treasury yield surged to its highest level since November 2023 on Wednesday, even after Treasury Secretary Scott Bessent tripled the government's bond buyback limit to $6 billion in an extraordinary attempt to calm what he called market "fever." The intervention backfired spectacularly, with yields rising instead of falling.

Why This Matters

• Bessent announced the expanded $6 billion buyback at 11 a.m. ET, hoping fewer bonds on the...