You can't make this up. The US Treasury just announced it is tripling long-term buybacks to $6 billion and yields STILL rallied on the news. That means the US Treasury went from doubling, to "at least doubling," to tripling long-term bond buybacks and yields are still rising. This puts the 10Y Note Yield above 4.85% for the first time since November 2023, up +15 basis points from pre-announcement levels. The bond market is quite literally fighting the US Treasury as the Iran War continues, with the 10Y Note Yield nearing a +100 basis point move since the war began. Without an end to the Iran War, we are on track to see the 10Y Note Yield above 5.00% by next week. American consumers, homebuyers, and borrowers are in for a rude awakening.(The Kobeissi Letter)