The 10-year Treasury yield breached 4.7% and the 30-year yield reached 5.17% and approached 5.3%, its highest level since before the Great Recession. Treasury Secretary Scott Bessent announced plans to at least double buybacks of long-term bonds, but the 30-year yield rose about 10 basis points by the next morning after an initial decline. Publicly held US debt stands at $32 trillion, with roughly $10 trillion maturing in the next 12 months at rates 300 to 400 basis points above 2020 levels.