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Treasury yields hit session highs as Bessent's buyback misses and bond sell-off widens

9/10/2026

Bessent's buyback operation missed its stated target, and Treasury yields hit session highs.

A global bond sell-off that had been building reignited on three pressures arriving at once: higher oil prices, sticky US inflation, and the European Central Bank's decision to raise interest rates.

The oil signal and what it carries Oil's fingerprints appear early in any bond rout.

Higher crude prices lift headline inflation, compress the probability of near-term central bank easing, and force a repricing of duration across every sovereign curve with exposure to energy costs.