WASHINGTON (dpa-AFX) - Treasuries showed a strong move to the upside during trading on Monday, regaining ground after moving notably lower over the two previous sessions.
Bond prices advanced in morning trading and remained firmly positive throughout the afternoon. Subsequently, the yield on the benchmark ten-year note, which moves opposite of its price, slid 3.4 basis points to 4.704 percent.
The early strength among treasuries came after a report from CNBC regarding the Treasury Department's recently announced plans to upscale buyback operations for longer-term debt.
Citing two senior Treasury officials, CNBC said the Treasury could use its nearly $1 trillion General Account to help fund its plans to double the size of buybacks.
Treasuries also benefitted from a steep drop by the price of crude oil, with U.S. crude oil futures tumbling by more than 2 percent.
Traders cashed in on the surge in crude oil prices seen last week, which came as President Donald Trump announced he is launching 'economic warfare' against Iran, calling it the 'most crushing economic operation ever taken against any country.'
The Treasury Department officially announced 'Operation Economic Outcast' this afternoon, calling it an unprecedented, whole-of-government, economic campaign against Iran and its 'enablers.'
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