The US Treasury used its full $6 billion bond buyback limit Thursday, repaying older long-term debt before maturity as the 10-year Treasury yield reached 5.342%, its highest since April 2002. Investors offered $46.4 billion of bonds, but Treasury accepted only two of 41 eligible issues, both paying low interest and maturing in 2041 and 2042. Treasury paid about $67 and $76 for each $100 of face value, making the cash cost of retiring $6 billion of debt roughly $4.47 billion. The operation followed recent buybacks that fell short of the cap and renewed debate over whether the program is intended to support market trading or target cheap pandemic-era debt. Treasury expanded its long-term operations on August 19, increasing them from $2 billion to at least $4 billion each, with the larger program running from September 9 to November 4. Long-term yields have risen amid wider deficits, above-target inflation and heavy borrowing by technology companies financing artificial-intelligence projects. Treasury Secretary Scott Bessent said the program could grow beyond $4 billion per issue. A factory input-cost gauge rose to 77.9 and oil traded near $91, according to FXEmpire. Bitcoin, which topped $85,000 after cooler PCE inflation data, traded at $84,624, up 0.9% in 24 hours, according to BeInCrypto. ARK Invest CEO Cathie Wood said a 10-year yield above 5% reflects a functioning market. Friday's jobs report and the remaining five weeks of expanded buybacks are the next points of focus.