The Treasury tries to rein in bond yields

When Treasury Secretary Scott Bessent said last week that Washington would at least double its purchases of long-term US bonds to a minimum of US$4 billion per operation, aiming to assuage investor concerns about the government's soaring borrowing costs, the move took markets by surprise.

The fluctuations could have huge impacts on the U.S. and global economy.

Federal Reserve Chair Kevin Warsh delivers his first Jackson Hole address on Friday with long-term borrowing costs elevated, inflation above target and the US Treasury already intervening in bond markets to do what monetary policy has not.

Eurozone Government Bond Yields Fall as Oil Price Retreats  WSJ