The U.S. Department of the Treasury directly increased the scale of long-term Treasury bill repo transactions to $6 billion, three times the usual size, yet the market did not cool down. After the news was released, the 10-year U.S. Treasury yield instead rose to about 4.85%, the highest level since November 2023. Fears of inflation are being driven up by the Iran conflict, pushing oil prices higher. The pressure in the U.S. Treasury market clearly has not eased yet.