U.S. Treasury Secretary Scott Bessent announced last week that the government would double its buybacks of longer-term bonds, a move designed to bring down the 10-year Treasury yield and lower mortgage rates. The relief proved short-lived: the 10-year yield climbed back to 4.73% on Friday, matching its highest level in over a year, while the 30-year yield is near its highest since 2007. Rising yields and bond market volatility have renewed concerns that higher borrowing costs could weigh on consumer spending and slow the economy. The Dow Jones Industrial Average fell 0.1% and the Nasdaq slipped 0.7%. Investors are watching for key U.S. inflation and growth data this week, as well as policy signals from the Jackson Hole meeting.
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