The yield on the 10-year US Treasury note fell to 4.65% on Tuesday after testing 20-month highs of 4.75% in the previous session after the Treasury announced it would double the size of buybacks on long-dated securities. The move would increase the maximum size of operations to at least $4 billion. This was in line with the department's sharp efforts to limit the recent surge in long-dated yields as soaring AI-debt issuance, higher deficit spending, and risks of elevated inflation. Recent measures by the Treasury included a joint intervention with Japan to support the yen by selling euros, as Tokyo's common defense of a weak currency is made of selling long-term Treasury notes and bonds. On top of that, Secretary Bessent called for the Fed to increase its FIMA facility past the threshold of $60 billion, which would allow Japan to access dollar liquidity without selling Treasuries. Meanwhile, minutes by the FOMC due shortly could add insight to the magnitude of a divided Fed.