India, Aug. 19 -- The US Treasury Department said on Wednesday that it will more than double the size of its government debt buybacks. The move comes as the bond market is facing heavy pressure and Treasury yields have climbed to levels not seen in nearly 20 years.

Treasury Secretary Scott Bessent is leading the department as it increases its role as a buyer in the government bond market, CNBC reported. The main aim is to support liquidity in the longer-term part of the Treasury market, where trading conditions have become difficult.

Under the new plan, Treasury will focus on government debt with maturities of 10 to 20 years and 20 to 30 years. These longer-term bonds have faced a buyers' strike since late June, meaning investors have b...