The 10-year U.S. Treasury yield fell to 4.65% on Wednesday after reaching 4.75% in the previous session, a 20-month high. The move followed the Treasury’s decision to double the size of buybacks for long-dated securities, raising the maximum operation size to at least $4 billion. The measures come as soaring AI-related debt issuance, higher deficit spending and the risk of persistently elevated inflation pressure longer-term yields. Treasury Secretary Bessent also urged the Federal Reserve to expand its FIMA facility beyond $60 billion, potentially allowing Japan to obtain dollar liquidity without selling Treasuries. The FOMC’s upcoming minutes may provide further insight into divisions within the central bank. Earlier figures in the topic record showed the 10-year yield at 4.62% and the 30-year yield at 5.19%, while a Strait of Hormuz standoff kept oil near $90 and heightened inflation concerns.