1554 ET - The 10-year yield approached 4.85%, its highest level since 2023, after the Treasury announced it was buying back up to $6 billion in longer-term debt. "Some investors had bet on a much bigger shock-and-awe announcement of $10bn or even more," says Evercore ISI's Krishna Guha in a note. He says he takes some reassurance from Secretary Bessent's decision, because "going really big would have been a mistake." Guha believes the move suggests Bessent accepts a limited role for buybacks in creating some uncertainty for shorts while potentially opposing overshooting but recognizes "that the US cannot durably prevent fundamentals from dictating yields and the scale of buybacks required to try would create more problems than it he solves." He adds that staying in more limited territory avoids more turbulence for Fed chair Warsh at next week's FOMC.