Who's buying U.S. Treasury debt, and why?

• The 30-year Treasury bond futures market has declined throughout the year as investors demand higher yields to hold long-duration government debt. • Persistent inflation and elevated oil prices, driven by a six-month conflict between the U.S. and Iran, are putting upward pressure on bond yields.

• Bitcoin has reached its highest price level since mid-May, driven by a weakening US dollar and a selloff in the US bond market. • EU residents were advised in 2025 to stockpile 72 hours of food, water, and essentials to prepare for cyber-attacks and climate disasters like the wildfires in France and Spain.

• California Attorney General Rob Bonta stated in a CNBC interview on Thursday that any settlement regarding the Paramount merger would require "robust structural remedies." • Bonta is leading a coalition of 12 states challenging the merger on antitrust grounds to prevent unfair market consolidation.

• Treasury Secretary Bessent announced a potential buyback operation exceeding $4 billion to "make a market" in longer-dated securities. • The move targets securities like the 30-year bond, which has seen yields surge to levels not witnessed since before the 2008 global financial crisis.

• Potential Treasury Secretary Scott Bessent is seeking to lower long-term Treasury yields, a move that may encroach on the Federal Reserve's traditional monetary policy domain. • This creates a policy tension for Kevin Warsh, who must determine the appropriate boundaries of coordination between the Treasury and the Fed regarding bond markets and the balance sheet.

• Treasury Secretary Scott Bessent announced plans to expand the government's efforts to buy back costlier debt to manage federal liabilities. • The administration is preparing to unveil a new fiscal initiative specifically designed to address the highest borrowing costs seen in several years.

• Investors are reassessing European stocks after a bearish start to the year, noting that while corporations remain resilient, they still struggle to compete with US equity performance. • Stuart Kirk of the Financial Times argues that the Euro Stoxx 50's 11.1% annualized return over the last decade is underwhelming compared to US peers, despite the success of firms like ASML.

• Treasury buybacks have recently lifted technology stocks, specifically benefiting chipmakers, cryptocurrency, and Moderna. • Market analysts argue that the "signal" of easing financial conditions and Scott Bessent's pledge for further action is more significant than the actual size of the buybacks.

• Treasury Secretary Scott Bessent is planning a bold intervention involving bond buying to prevent a potentially damaging increase in US borrowing costs. • Shoki Omori, chief fixed income strategist for Japan at Deutsche Bank AG, warns that providing greater liquidity support for Treasuries typically occurs at the expense of the currency.

• U.S. stock futures are showing mixed, muted movement ahead of the market open, with S&P 500 E-Mini futures down -0.03% and Nasdaq 100 E-Mini futures up +0.05%. • Market direction remains uncertain as a recent rally in Treasuries has faded and investors await upcoming U.S. economic data.

• Planning and Budget Minister Park Hong-keun and Education Minister Choi Kyo-jin held a joint media briefing on August 21, 2026, following the first Fiscal Management Strategy Council meeting in Seoul. • The meeting focused on resolving ongoing disputes between the two ministers regarding proposed reforms to the local education finance grant.