Surging U.S. government bond yields are increasing borrowing costs across the economy and could influence Federal Reserve policy deliberations, but analysts see little prospect that the central bank will buy Treasuries at the Trump administration’s request. The 10-year Treasury yield rose above 5%, its highest level since 2007, despite Treasury Secretary Scott Bessent’s efforts to restrain yields, including an expanded debt buyback operation. Fed watchers say intervention could become more plausible if debt auctions fail or markets enter serious distress, but there is little evidence of such conditions so far. The Federal Reserve is expected to raise its policy rate by 25 basis points to 3.75%-4.00% at the end of its two-day meeting, a move investors believe could eventually support lower long-term yields by reinforcing its inflation-fighting credibility. Large-scale bond purchases, known as quantitative easing (central-bank asset buying), would give the Fed greater firepower than Treasury but could undermine its independence, expand its $6.7 trillion balance sheet and conflict with efforts to return inflation to its 2% target.