The US bond market opened higher as investors positioned themselves ahead of remarks from Treasury Secretary Scott Bessent and Federal Reserve Chair Kevin Warsh. The 10-year Treasury yield has surged nearly 70 basis points since the onset of the Iran war, while 30-year mortgage rates are approaching 6.75%, putting fresh pressure on the housing market. The Treasury more than doubled its long-term debt buyback program, raising the maximum per-operation amount from $2 billion to at least $4 billion, an attempt to lower yields that proved only temporarily effective. US national debt has surpassed $40 trillion, fueling upward pressure on yields. Kevin Warsh is expected to speak at the Jackson Hole economic symposium, where the central question will be whether he maintains Fed independence from fiscal pressures.
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