Surging U.S. government bond yields are lifting borrowing costs across the economy, but analysts see little prospect that the Federal Reserve will buy Treasury debt at the Trump administration’s request unless markets enter a more severe crisis. The 10-year Treasury yield rose above 5%, its highest level since 2007, despite Treasury Secretary Scott Bessent’s efforts to contain borrowing costs and the expansion of a key debt buyback operation. The Fed is expected to raise its policy rate by a quarter percentage point to 3.75% to 4.00% after recent inflation readings remained too high. Analysts say maintaining an inflation-fighting stance could eventually support longer-term Treasury yields, while a large-scale bond-buying program could conflict with the Fed’s 2% inflation target, expand its $6.7 trillion balance sheet and weaken its independence from the Treasury. Quantitative easing (large-scale central-bank asset purchases) remains available if debt auctions encounter significant problems or markets become distressed, but Fed watchers say intervention is unlikely under current conditions. The Treasury-Fed Accord of 1951 ended the earlier practice of capping borrowing costs at the Treasury’s request. New York Fed President John Williams has said higher yields reflect economic strength and heavy technology investment, while Treasury interventions do not complicate monetary-policy decisions.