Scott Bessent made announcement on Wednesday as bond yields rose to highest point since 2008 financial crisis

The US treasury moved to cut the cost of borrowing on Wednesday only to be swiftly rebuffed by the bond market.

Scott Bessent, the treasury secretary, announced the US would buy back $6bn worth of government debt – treasuries – in an effort to alleviate a selloff in the US bond market that has put pressure on interest rates.

AFL-CIO calls for ban on such labels to protect consumers and workers from surveillance pricing and job cuts

The universal adoption of electronic shelf labels in grocery stores across the US could cost tens of thousands of jobs and billions of dollars in lost wages while further driving up grocery costs, according to a report released on Tuesday.

An analysis by the AFL-CIO Tech Institute of the label manufacturers’ own marketing materials found the universal adoption of electronic shelf labels, which are marketed to retailers as a cost-cutting measure, could cost workers between $1.6bn and $6.9bn in lost wages annually and affect between 44,223 and 191,633 jobs.