US government debt has surrendered the entire advance that followed Treasury Secretary Scott Bessent's announcement of expanded long-dated bond repurchases, signaling investor skepticism that the move can do more than briefly stem rising borrowing costs. The 30-year Treasury yield climbed six basis points on Thursday to 5.26%, returning to levels seen before Wednesday's buyback program was unveiled. Yields on the 10-year note rose by a similar margin.

This retreat underscores market doubts about the effectiveness of the new measures. Under the plan, the Treasury Department will at least double the size of its liquidity support repurchase operations for bonds with maturities ranging from 10 to 30 years.