Finance

Treasury Secretary Scott Bessent announced that the U.S. government will significantly increase its planned buybacks of long-term bonds to support market liquidity. However, the intervention had only a temporary cooling effect, with 10-year and 30-year Treasury yields bouncing right back near multi-year highs. Bond markets continue to face severe pressure from persistent federal deficits, heavy corporate borrowing, and rising geopolitical risk premiums.

International oil prices extended their recent gains as standard benchmarks like Brent crude traded well above $93 per barrel. Financial markets remain on edge due to intensifying conflicts involving Iran, highlighted by the expiration of a regional maritime agreement and the seizure of an oil tanker. Traders are concerned that prolonged disruption in the Persian Gulf will sustain heightened energy costs and complicate central bank efforts to curb inflation.

Cryptocurrencies bucked the broader market's weekly losses, with Bitcoin jumping roughly 23% over a five-day period to pass the $77,000 threshold. The rapid surge was propelled by legislative tailwinds from the Trump administration and a broader currency debasement trade that weakened the U.S. dollar. This digital asset rally heavily buoyed crypto-adjacent companies, driving sharp daily stock gains for major platforms like Robinhood and Coinbase.