U.S. Treasury Secretary Scott Bessent explained that the Treasury's announcement of an expanded bond buyback program may have already had an effect, as the Treasury has not yet purchased any bonds under the expanded program. He stated that U.S. Treasuries were the best-performing major bond market this month, with the 30-year yield falling and the 10-year yield roughly flat. Bessent denied that he could determine yields, saying his role was to prevent traders from viewing rising yields as a "one-way journey" and to keep the market focused on fundamentals. On Monday, the 10-year U.S. Treasury yield traded near 4.73%, close to its highest level since January 2025, as escalating conflict between the U.S. and Iran pushed up oil prices and global borrowing costs.