Little Cuties

The U.S. Treasury just said it will buy back up to $6 billion of long-dated bonds this week. Yields climbed anyway. The 10-year hit 4.845%, its highest since late 2023. The two-year also jumped. Markets clearly shrugged off the move. Bitcoin slipped back near $78,500. Stocks fell. Oil stayed strong above $101. Treasury Secretary Bessent wanted lower long-term rates. Instead, the bond market pushed yields higher and called the bluff. A buyer who always steps in can actually invite more selling. This is the opposite of the late-August move that helped Bitcoin rally hard. Liquidity support looks weaker this time. #USTreasuryToBuyBackUpTo$6BLongDatedDebt $BTC $ETH $SNDK