**US Bonds Lose Safe-Haven Bid**

The classic rule of buying **US Treasuries** during war has stopped working. The **US Treasury** announced a tripling of long-term bond buybacks to **$6 billion**, and yields rose on the news.

The **10-year Treasury yield** moved above **4.85%** for the first time since **November 2023**, up **15 basis points** from before the announcement. Yields are now up **100 basis points** since the ongoing **war with Iran** began.

The **10-year yield** will exceed **5%** as early as **next week**, bringing an unpleasant surprise for **US consumers**, homebuyers and borrowers.

**[@futures](https://t.me/futures)