Treasury Buyback Below Max Expected, 10Y Yield Rises 10bp to 4.94%

The U.S. Treasury's debt buyback operation came in below the maximum expected size, prompting a rise in 10-year yields by 10 basis points to 4.94%. This suggests the market had priced in a larger purchase, and the shortfall may signal reduced demand or a deliberate tapering by the Treasury, adding upward pressure on yields.