Bessent Loads Bazooka As Oil Prices Rise, Treasury Yields Waver

Markets may have a backstop this week from Treasury Secretary Scott Bessent, who is poised to announce the amount of long-term debt the government will buy back this week in a bid to stabilize Treasury yields. The announcement comes as crude oil futures hit a three-month high early Tuesday on signs the U.S.-Iran conflict may intensify, while the 10-year Treasury yield tested its highest level since January 2025. Further, rising inflation pressure from oil prices may keep upward pressure on borrowing costs, a negative for the S&P 500, which pulled back moderately.