Treasury Buyback Below Ceiling Deepens Bond Selloff; 10Y Yield Hits 4.96%

The U.S. Treasury's long-dated bond repurchase came in below the announced maximum, compounding investor disappointment and accelerating the rise in yields. The 10-year yield jumped to 4.960% from 4.844%, and the 30-year to 5.371% from 5.293%, signaling persistent demand-supply imbalance in long-end Treasuries. The undersized buyback suggests limited official support for the long end, reinforcing upward pressure on term premiums.