Yields Spike as Treasury Move Rattles Markets While Oil Rises

Bond yields surged after the Treasury signaled a bigger role in buying long-term bonds, sending the 10-year to about 4.71% and the 30-year to around 5.27% and helping push stock indices lower (S&P 500 -0.3%, Nasdaq -0.8%, Dow off roughly 400 points). Oil climbed with WTI near $89 and Brent near $95 as gas averaged $4.10 a gallon. The move followed the Treasury’s surprise debt-management step and comes as debt tops $40 trillion, prompting caution from analysts that the policy’s longer-term effects on yields could be limited and may depend on broader fiscal actions; the dollar slid about 1% as markets weighed the implications for inflation and borrowing costs.