The U.S. Treasury bought $4.08 billion of its own long-term debt Thursday, less than the $6 billion maximum it announced a day earlier.

Treasury Secretary Scott Bessent increased the cap of the department's regular buyback operations in an attempt to cool down rising yields, which move in the opposite direction from a bond's price.

Dealers offered $10.47 billion of bonds for sale, but the Treasury rejected most of the offers. The buyback operation focused on 35 eligible issues, just 12 were accepted.

The first buyback operation under the new guidelines took place last week when about $6 billion in long-term bonds was acquired. Yields rose as investors saw the value as too low.

Thursday's operation comes as yields hover around record levels. The 30-year was nearly 5.5% right after the buyback.