Long-term US borrowing costs rose again after an earlier drop triggered by the Treasury Department’s plan to buy back government debt, with the 30-year bond yield at around 5.27% on Friday, according to BBC. The move briefly pushed yields down to 5.18% from an almost two-decade high of 5.34%, but economists said the effect was short-lived as investors remained focused on heavy government and corporate borrowing and the US national debt passing $40tn.

Treasury Secretary Scott Bessent said the buyback was intended to boost demand for bonds and lower borrowing rates, but analysts at Oxford Economics and Capital Economics said the market reaction quickly faded. The weaker bond market also helped push the dollar lower, while gold rose to a more than three-month high amid broader uncertainty in the global economy.