Finance

Treasury Secretary Scott Bessent announced that the government would double its long-term debt repurchases to over $4 billion through November to inject liquidity into the market. While the move initially provided a brief drop in borrowing costs and weakened the dollar, long-term bond yields quickly rebounded as investors remained focused on persistent inflation and the federal deficit.

Cryptocurrencies extended a sharp weekly rally, with Bitcoin climbing 6% to cross the $77,000 threshold and logging its best weekly performance since 2024. Digital assets have been heavily supported by political momentum as President Trump urged Congress to advance the regulatory framework known as the Clarity Act.

U.S. crude and Brent futures locked in a sixth straight session of gains, rising more than 5% over the week. Energy prices spiked following the expiration of the 60-day Memorandum of Understanding with Iran and subsequent military escalations in the Strait of Hormuz, forcing several retail companies to warn of incremental pressure on consumers from higher fuel costs.