The Globe and Mail reports in its Thursday edition that the bond market rejected the Trump administration's efforts to lower borrowing costs, with the 10-year Treasury yield hitting a three-year high on Wednesday. A New York Times dispatch to The Globe reports that the Treasury Department announced it will repurchase up to $6-billion of its long-dated debt, doubling its regular buybacks to help cut rising borrowing costs that could strain the economy (all figures U.S.). The Treasury's repurchases are designed to reduce the supply of longer-dated bonds, pushing prices higher and yields lower, with the aim of lowering interest rates more broadly. The purchases, scheduled for Thursday afternoon, will up the size of the Treasury's buyback operation for debt maturing in 10 to 20 years to $6-billion, up from $2-billion last month. The market reaction indicated investors were underwhelmed by the announcement, with Wells Fargo saying the rise in Treasury yields suggested some expected larger operations. The 10-year Treasury yield rose 0.03 percentage points to roughly 4.83 per cent, its highest level since October, 2023. The 20-year yield rose by a similar amount, to nearly 5.3 per cent, also its highest since late 2023.