Treasury Secretary Scott Bessent tried to calm the bond market.

But interest rates went up again on Thursday.

The yield on the 10-year Treasury note rose to 4.69%.

That is almost where it was before Bessent announced a plan.

The plan was to double a bond buyback program to $4 billion per operation.

The buybacks are meant to reduce the supply of long-term bonds.

This helps raise their prices.

Bessent said on Thursday that the program could be bigger.

He said the yields do not show the real economic situation.

He also said the administration would announce a new effort to cut the budget deficit.

This could happen by Monday.

He said the deficit will reach its highest point this year.

One reason is tariff refunds.

Investors are still worried about government debt.

The debt went over $40 trillion on Wednesday.

The Congressional Budget Office said the yearly deficit would go over $2 trillion this year.

Gennadiy Goldberg of TD Securities said the market does not believe Treasury can support these moves.

He said cutting the deficit is mostly up to Congress.

Other things are pushing yields higher.

Big Tech companies are borrowing a lot of money to build AI data centers.

Oil prices keep going up because of the war with Iran.

This adds to inflation worries.

New Fed chair Kevin Warsh has not said if he will raise rates to fight inflation.

He said he wants markets to set rates based on the economy, not on Fed expectations.

Bessent's action seems to work against that goal.