U.S. government bond yields slid after the Treasury Department said it would ramp up bond repurchases. The move, which brought the 30-year Treasury yield down to 5.194%, came after the long bond's yield hit its highest level in 19 years amid investor anxieties over fiscal deficits, heavy AI borrowing and inflation that has pushed up borrowing costs around the world.

U.S. stocks traded higher, with the three major benchmarks all adding 0.2%. This afternoon, we also saw minutes from the Fed's July meeting, which exposed a deepening divide among rate-setters about how to tackle inflation. According to the minutes, many officials said rate hikes could be needed if inflation doesn't decline. Dimming hopes for a deal to end the U.S. war with Iran have also unsettled markets this week, sending global oil prices back near $92 a barrel. Bitcoin prices jumped above $68,000. President Trump urged Congress to pass crucial crypto legislation during a meeting with crypto executives at the White House on Wednesday.

The Treasury's action followed remarks by Bessent, who stepped up buybacks to support the market. Dig deeper into today's Treasury-market tumult.