The yield on the 10-year US Treasury note fell to 4.65% on Wednesday from 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 only increased the limit on operations to $4 billion, but it consolidated the department's efforts on intervening against high yields to limit the market's exposure to duration. Other measures included a joint intervention with Japan to support the yen by selling euros, undercutting Tokyo's yen defense by selling 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. Treasury bonds plunged in August as soaring AI-debt issuance, higher deficit spending, and risks of elevated inflation raised estimates on term premia. Meanwhile, FOMC minutes confirmed that some members see the case for higher rates.