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Happy Thursday. Stocks fell Thursday as Treasury yields reversed course from their sharp decline in the previous session following the Treasury Department’s announcement that it would increase its buybacks of long-dated government debt.
The Treasury Department said it will more than double repurchases of 10-, 20- and 30-year debt over the next few months. The 30-year Treasury yield had jumped to its highest level in nearly 20 years earlier this week.
The decision helped spark a sharp rally across the cryptocurrency market, with Bitcoin (BTC) surging 11.5% to $71,808.74 in early trading.
Meanwhile, President Donald Trump said on social media that he’s launching a “crushing economic operation” against Iran. Tehran dismissed the threat as a “diversion,” promising such a move “will only bring further defeat.”
Stocks closed slightly higher on Wednesday, snapping a three-day losing streak.
Daniela Hathorn, senior market analyst at Capital.com, said markets are digesting the Treasury Department’s move as well as more hawkish-than-expected Federal Reserve meeting minutes.
“Together, they highlight the tension currently running through markets: policymakers remain concerned about inflation, while sharply higher long-term borrowing costs are becoming a concern in their own right,” she said.
The next major test will be Fed Chair Kevin Warsh’s Jackson Hole speech next week, Hathorn said, “where investors will be looking for clues on whether the hawkish discussion revealed in the minutes translates into his own policy message, and whether he offers greater detail on his broader plans for the Fed.”
This story was originally published by TheStreet on Aug 20, 2026, where it first appeared in the Stock Market Today section. Add TheStreet as a Preferred Source by clicking here.
