On Thursday, the U.S. Treasury announced it will repurchase up to $6 billion in long-term bonds, but this amount falls within the market's prior expectations of $5–6 billion, offering no additional surprises. The positive news was priced in early, and the repurchase effort fell short of the market's hoped-for stronger rescue measures, so long-term bonds continued to be sold off, pushing yields higher. The 10Y hit 4.85%.