Finance

Government bond yields resumed their upward trajectory late in the week, pushing the 10-year note yield to 4.74% and testing multi-decade highs. An unprecedented corporate debt issuance calendar alongside rising energy costs completely unwound the brief relief rally initially triggered by the government's liquidity injection strategies.

The cryptocurrency market witnessed its most powerful weekly performance in over two years, with Bitcoin breaking past the $78,000 resistance level. The sudden surge triggered a massive short squeeze that liquidated billions in bearish positions, while market sentiment was further bolstered by pro-crypto legislative discussions in Washington.

Treasury Secretary Scott Bessent announced that the government will at least double its long-term bond buyback program to support liquidity. While the decision initially offered temporary relief to long-dated bonds, market observers note that mounting concerns over the expanding multi-trillion dollar budget deficit continue to counter the administration's stability measures.