NewsHK
Oil's jump to $109 a barrel reignited a global bond sell-off, with US yields climbing to the highs of the day.
The rate move gathered pace after Scott Bessent's Treasury buyback operation fell short of its target, adding a supply dimension to a session that crude had already tilted against bond holders.
The two catalysts ran in the same direction. A buyback that undershoots leaves more duration in the market than the operation had planned to absorb; oil at $109 had already given rates desks a live signal to trade.
Together, they put sellers in the bond market on firmer footing. Energy at $109 applied pressure from the commodity side. The Bessent shortfall applied it from the supply side.
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