U.S. Treasury doubles long-bond buybacks as yields retreat
The U.S. Treasury says it will at least double its buybacks of 10- to 30-year debt after 30-year yields hit 5.27%, briefly easing long-end rates.
S. Treasury stepped in to prop up long bonds, Bitcoin (CRYPTO: BTC) ripped over 20%, Walmart Inc. (NYSE: WMT ) got punished on a beat and Moderna Inc. ( NASDAQ: MRNA ) delivered the biggest one-day rally in its history.
Bessent Steps In — Then The Market Steps Back Treasury Secretary Scott Bessent staged a rare intervention on Wednesday. 8 trillion, and heavy AI-related corporate issuance. Two weeks after publishing its buyback schedule, Treasury announced it would “at least double” its buybacks of 10- to 30-year debt. 7 basis points.
The relief lasted less than 48 hours. 25%, near pre-announcement levels. JPMorgan called the move a “band-aid” without underlying fiscal consolidation. Evercore ISI flagged the risk of a “slippery slope” if Bessent starts trying to defend specific yield levels.
Bitcoin Storms Higher The bond intervention delivered one clear beneficiary: crypto. Bitcoin surged from around $63,000 Monday to above $77,000 Friday morning — a roughly 23% weekly gain, its best week since 2023. 7 billion in bearish crypto bets got forcibly closed out — a record short squeeze that mechanically accelerated the move. Walmart Sinks 9% On A Beat-And-Raise Walmart Inc.
9 billion (vs. 81 (vs. 74). Global e-commerce grew 23%, advertising 38%, marketplace 52%.
87. 9 billion tariff refund inflated the print. S. 68 consensus.
84, wiping out roughly $90 billion in market cap. S. 5 in July, the fastest pace of business activity growth since April 2022. 9, a 13-month low).
S. business is booming,’ S&P Global chief economist Chris Williamson said. 5% pace. Top S&P 500 Weekly Gainers Moderna Inc.
+134% — up 177% Wednesday alone, the biggest single-day gain in the stock’s history, after intismeran autogene — its Merck-partnered personalized mRNA melanoma vaccine — hit both primary and secondary endpoints in the Phase 3 INTerpath-001 trial (1,137 patients, stage IIB-IV melanoma). It was the first successful late-stage readout for any mRNA cancer therapy. Bank of America upgraded to Neutral and raised its price target from $40 to $170. 5 billion in losses.
5% Friday. Coinbase Global Inc. S. exchanges rode Bitcoin’s 23% weekly surge and mounting optimism around Clarity Act passage.
The Estée Lauder Companies Inc. 54 billion consensus. 32 estimate. 35, implying 24-34% growth.
Fragrance grew 10% organically for the year; mainland China accelerated 12% in Q4. Photo: Shutterstock