New Delhi, Aug. 23 -- With America's mid-term elections less than three months away, President Donald Trump's Treasury Department is starting to look desperate about soaring borrowing costs. The Treasury said last week it would increase its buybacks of longer-term government bonds "by at least double," an amount analysts figure would bring purchases to $32 billion per quarter.

Make no mistake about the motivations: 30-year bond yields this week hit their highest since 2007, pushing borrowing costs higher for the government, businesses and consumers. Key mortgage rates are back up to around 7%, a fresh blow to voters who were promised easier financing conditions under this government, only to get more of the same.

The Treasury described ...