The yield on the 10-year US Treasury note eased to 4.7% on Monday, tracking lower crude prices, but remained close to the 20-month high of 4.75% reached in the previous session. Persistent concerns over wider fiscal deficits and heavy corporate debt issuance continued to put upward pressure on long-term yields. The US Treasury said it would double liquidity-support buyback operations for longer-dated bonds. CNBC reported that Treasury Secretary Scott Bessent could use nearly $1 trillion from the Treasury’s General Account to help fund the buybacks rather than issue short-term bills, raising concerns over further dollar weakness. On the geopolitical front, the US expanded secondary sanctions targeting entities and countries maintaining business ties with Iran. Bessent warned that a major financial institution could face sanctions this week and suggested China would not be exempt.