Treasury Bond Buybacks U.S. Treasury Secretary Scott Bessent sought to ease long-term financing costs by announcing that the Treasury will double the size of its bond buyback program starting next month, from $2 billion to $4 billion per session...

Inflation data temper expectations of a rate hike. Inflation data were the main focus of the week. The Bureau of Labor Statistics (BLS) reported that the Consumer Price Index (CPI) rose 0.1% in July and 3.4% over the past 12 months, in line with the consensus. July marked the second...

Employment Plunge The monthly jobs report released on Friday showed a loss of 23,000 jobs in July, well below the consensus estimate, which had projected job growth of around 90,000. In addition, the initial estimates for May and June were revised downward by a combined 103,000 jobs. With the latest figures...

Dissent Within the Fed Stock indices fell and yields on medium- and long-term Treasury bonds spiked following the Fed’s meeting and the press conference held by its chairman, Kevin Warsh. Although the Fed kept its rate unchanged at the current range of 3.50%–3.75%, three members voted...

Oil and Yields Are Pushing Prices Higher A new escalation in the conflict between the U.S. and Iran once again drove up crude oil prices: WTI briefly surpassed $92 during the week, returning to the highs seen in early June and reversing much of the gains made following the April ceasefire and the June MoU...

Probability of a Rate Hike Declines Amid Falling Inflation Consumer inflation slowed considerably in June, which contributed to Treasury yields edging back slightly midweek and reduced expectations of a Fed rate hike in 2026. The CPI...

Trump Announces the Return of the Blockade in the Strait of Hormuz President Trump told Fox News today that the U.S. “is going to take control of the Strait” of Hormuz and that “we’re probably going to operate it.” He then declared the U.S. blockade of Iran reactivated and stated that a 20% tariff will be imposed on...

U.S. Treasury yields rebounded following a weaker-than- expected jobs report in June, amid a landscape marked by oil prices stabilizing at pre-Middle East conflict levels and a market recovery at the end of the second quarter...

Oil Prices Fall; Strait of Hormuz Reopens to Traffic. Oil prices fell to their lowest levels in about four months, in line with the easing of tensions in the Middle East. On Friday, U.S. crude was trading at around $69/BBL, down 8% from...