The yield on the 10-year US Treasury note was above 4.7% on Monday, remaining close to the 20-month high of 4.75% last session as wider deficit spending and soaring supply of corporate debt continued to lift long-term bond yields. The Treasury stated it would use its general account balance to increase the buyback of long-term securities. This added to efforts to compress yields after the joint intervention on the Japanese yen by selling euros and the request for the Fed to increase the limit on its FIMA facility. Yields on the longer end of the curve had surged since July amid soaring debt issuance from AI companies and higher deficit spending by the federal government. Long-term yields also rose after Fed Chairman Warsh signaled that a rate hike may not be his preferred tool to combat higher inflation, increasing the stakes of his speech in Jackson Hole. Concerns of unanchored inflation were magnified by high energy prices during the US-Iran blockade of tankers in the Persian Gulf.