Canada, Alberta to Raise Carbon Price by 2040
Canada and Alberta are nearing a deal to raise the province's industrial carbon price to C$130 per metric ton by 2040. This is a key step for federal support of a new crude pipeline to the Pacific.
PM Mark Carney and Premier Danielle Smith are expected to announce the agreement Friday. It addresses a malfunctioning carbon market, clearing a key obstacle for the pipeline proposal. However, carbon capture for oil sands remains under negotiation.
The agreement marks a policy shift under Carney, easing environmental targets from his predecessor. Environmentalists sought C$130 by 2030; some producers demand full repeal. The deal, with escalating price floors from 2027, reduces the near-term industry burden. This is the third issue settled since their November energy policy memorandum.
Canada and Alberta are nearing a deal to raise the province's industrial carbon price to C$130 per metric ton by 2040. This is a key step for federal support of a new crude pipeline to the Pacific.
PM Mark Carney and Premier Danielle Smith are expected to announce the agreement Friday. It addresses a malfunctioning carbon market, clearing a key obstacle for the pipeline proposal. However, carbon capture for oil sands remains under negotiation.
The agreement marks a policy shift under Carney, easing environmental targets from his predecessor. Environmentalists sought C$130 by 2030; some producers demand full repeal. The deal, with escalating price floors from 2027, reduces the near-term industry burden. This is the third issue settled since their November energy policy memorandum.
Fed Official Highlights Central Bank Independence
Cleveland Fed President Beth Hammack underscored the critical role of central bank independence for effective policymaking. She stated that evidence supports its importance in achieving the Fed's dual mandate: maximum employment and price stability. Independence allows officials to make data-driven decisions, considering how businesses and communities experience the economy.
Cleveland Fed President Beth Hammack underscored the critical role of central bank independence for effective policymaking. She stated that evidence supports its importance in achieving the Fed's dual mandate: maximum employment and price stability. Independence allows officials to make data-driven decisions, considering how businesses and communities experience the economy.
Schwab Opens Direct Crypto Trading; JPMorgan Files for Tokenized Fund
Financial giant Charles Schwab has launched direct Bitcoin and Ethereum trading for retail clients through its Schwab Crypto platform. Previously offering only indirect crypto investments, the service charges a 0.75% fee. Custody is handled by Charles Schwab Premier Bank, with Paxos executing trades. It's available in most US states, excluding NY and Louisiana.
Meanwhile, JPMorgan filed with the SEC for its OnChain Liquidity-Token Money Market Fund (JLTXX). This tokenized fund will help stablecoin issuers comply with US reserve rules by investing in Treasury bonds. Initially on Ethereum, more blockchains are planned.
Financial giant Charles Schwab has launched direct Bitcoin and Ethereum trading for retail clients through its Schwab Crypto platform. Previously offering only indirect crypto investments, the service charges a 0.75% fee. Custody is handled by Charles Schwab Premier Bank, with Paxos executing trades. It's available in most US states, excluding NY and Louisiana.
Meanwhile, JPMorgan filed with the SEC for its OnChain Liquidity-Token Money Market Fund (JLTXX). This tokenized fund will help stablecoin issuers comply with US reserve rules by investing in Treasury bonds. Initially on Ethereum, more blockchains are planned.
BOJ Deputy Governor Urges Holistic Global Monetary System Approach
Bank of Japan Deputy Governor Ryozo Himino advocates a "holistic approach" for the future global monetary system, moving beyond just central bank digital currencies (CBDCs) and stablecoins. He emphasized considering technical feasibility, social costs, user convenience, financial stability, and monetary policy.
While the US focuses on stablecoins and Europe on a digital euro, Himino noted Japan's readiness for both, with stablecoin legislation and a CBDC pilot. He highlighted other options like tokenized bank deposits and central bank reserves on blockchain. The BOJ is exploring tokenized reserves in a "sandbox project" for instant, 24/7 settlement, aiming to reduce gridlock risk.
Bank of Japan Deputy Governor Ryozo Himino advocates a "holistic approach" for the future global monetary system, moving beyond just central bank digital currencies (CBDCs) and stablecoins. He emphasized considering technical feasibility, social costs, user convenience, financial stability, and monetary policy.
While the US focuses on stablecoins and Europe on a digital euro, Himino noted Japan's readiness for both, with stablecoin legislation and a CBDC pilot. He highlighted other options like tokenized bank deposits and central bank reserves on blockchain. The BOJ is exploring tokenized reserves in a "sandbox project" for instant, 24/7 settlement, aiming to reduce gridlock risk.
Dollar Poised for Largest Weekly Gain in Two Months
The dollar surged this week, set for its biggest weekly rise in over two months. Inflationary pressures from rising energy costs and shipping disruptions are boosting bets on a Federal Reserve rate hike this year. Investors now see a 44% chance of a December hike, up from 22.5%, supported by resilient US retail sales and stable jobless claims.
The greenback's strength pushed the dollar index to a two-week high of 98.98, marking its sharpest weekly increase since early March. This rally pressured the yen past 158 per dollar and led to a weekly decline for the euro.
A high-stakes US-China summit, focusing on the Strait of Hormuz and potential Chinese oil purchases, saw muted market reaction, though the offshore yuan neared a three-year high. Separately, sterling fell to a one-month low amid a deepening UK political crisis.
The dollar surged this week, set for its biggest weekly rise in over two months. Inflationary pressures from rising energy costs and shipping disruptions are boosting bets on a Federal Reserve rate hike this year. Investors now see a 44% chance of a December hike, up from 22.5%, supported by resilient US retail sales and stable jobless claims.
The greenback's strength pushed the dollar index to a two-week high of 98.98, marking its sharpest weekly increase since early March. This rally pressured the yen past 158 per dollar and led to a weekly decline for the euro.
A high-stakes US-China summit, focusing on the Strait of Hormuz and potential Chinese oil purchases, saw muted market reaction, though the offshore yuan neared a three-year high. Separately, sterling fell to a one-month low amid a deepening UK political crisis.
China Interested in More U.S. Oil, White House Says
President Xi Jinping informed Donald Trump that China seeks to purchase more U.S. oil, aiming to reduce reliance on the Strait of Hormuz, according to a White House readout.
However, Chinese state media summaries omitted any mention of oil purchases, and Beijing's foreign ministry remains silent on the matter.
China, the world's largest oil importer, historically sourced little U.S. crude. Imports peaked at ~395,000 bpd in 2020, declining to 193,000 bpd by 2024. No U.S. oil has been imported since May 2025, following a 20% tariff amidst the ongoing trade war.
President Xi Jinping informed Donald Trump that China seeks to purchase more U.S. oil, aiming to reduce reliance on the Strait of Hormuz, according to a White House readout.
However, Chinese state media summaries omitted any mention of oil purchases, and Beijing's foreign ministry remains silent on the matter.
China, the world's largest oil importer, historically sourced little U.S. crude. Imports peaked at ~395,000 bpd in 2020, declining to 193,000 bpd by 2024. No U.S. oil has been imported since May 2025, following a 20% tariff amidst the ongoing trade war.
Oil Surges Over 1% After UAE Drone Attack
Crude prices climbed Monday, driven by a drone attack on a UAE nuclear power plant. This incident coincided with stalled efforts to end the U.S.-Israeli war with Iran, and reports that President Trump is weighing military options against Tehran.
Brent crude rose 1.24% to $110.62/barrel, while U.S. WTI gained 1.75% to $107.26/barrel.
Crude prices climbed Monday, driven by a drone attack on a UAE nuclear power plant. This incident coincided with stalled efforts to end the U.S.-Israeli war with Iran, and reports that President Trump is weighing military options against Tehran.
Brent crude rose 1.24% to $110.62/barrel, while U.S. WTI gained 1.75% to $107.26/barrel.
Bitcoin Steadies Amid Geopolitical Jitters and Inflation Watch
Bitcoin saw minimal movement today, hovering near $81,276. Market sentiment remains cautious due to escalating US-Iran tensions, with President Trump reportedly considering military options, which trimmed earlier weekend gains to $82,000.
Investors are also keenly awaiting the US Consumer Price Index (CPI) data. A significant rise in inflation, potentially driven by energy prices linked to the Iran conflict, could further dampen expectations for Federal Reserve interest rate cuts. Such a scenario typically bodes poorly for speculative assets like cryptocurrencies. Broader altcoin markets also reflect this cautious mood.
Bitcoin saw minimal movement today, hovering near $81,276. Market sentiment remains cautious due to escalating US-Iran tensions, with President Trump reportedly considering military options, which trimmed earlier weekend gains to $82,000.
Investors are also keenly awaiting the US Consumer Price Index (CPI) data. A significant rise in inflation, potentially driven by energy prices linked to the Iran conflict, could further dampen expectations for Federal Reserve interest rate cuts. Such a scenario typically bodes poorly for speculative assets like cryptocurrencies. Broader altcoin markets also reflect this cautious mood.
Inflation Fears Mount as Global Stocks Hit New Records
US producer prices saw their biggest monthly jump in four years, fueling expectations of a possible Fed rate hike. Core consumer prices also rose above forecasts, pushing bond yields higher.
Despite inflation concerns, global stock markets are surging. Wall Street's S&P 500 and Nasdaq reached record highs. European and Asian shares also climbed, with Japan's Nikkei hitting a new peak. The AI boom continues to drive gains, as the semiconductor index soared 64% in six weeks. TSMC upped its chip demand forecast to $1.5 trillion by 2030.
Incoming Fed Chair Kevin Warsh takes over tomorrow. US-China talks yielded little for investors.
US producer prices saw their biggest monthly jump in four years, fueling expectations of a possible Fed rate hike. Core consumer prices also rose above forecasts, pushing bond yields higher.
Despite inflation concerns, global stock markets are surging. Wall Street's S&P 500 and Nasdaq reached record highs. European and Asian shares also climbed, with Japan's Nikkei hitting a new peak. The AI boom continues to drive gains, as the semiconductor index soared 64% in six weeks. TSMC upped its chip demand forecast to $1.5 trillion by 2030.
Incoming Fed Chair Kevin Warsh takes over tomorrow. US-China talks yielded little for investors.
Inflation Shakes Markets, Chips Down
US equities, including the S&P 500 and Nasdaq, fell as April's stronger-than-expected 3.8% CPI — a 3-year high — rattled sentiment, pushing bond yields higher and dimming hopes for rate cuts. Real wage growth turned negative.
Semiconductor stocks took a hit, with the SOX index dropping 3%. Qualcomm plunged 11.5% and Intel 7%, amidst broader tech weakness. This followed a significant rally and new scrutiny over AI firm Anthropic's share transfer policies.
Elsewhere, oil prices rose past $100 a barrel. The UK saw its 30-year bond yields surge to 1998 highs and Sterling weaken, as political pressure mounted on Keir Starmer after recent election setbacks, raising concerns over future fiscal policy.
US equities, including the S&P 500 and Nasdaq, fell as April's stronger-than-expected 3.8% CPI — a 3-year high — rattled sentiment, pushing bond yields higher and dimming hopes for rate cuts. Real wage growth turned negative.
Semiconductor stocks took a hit, with the SOX index dropping 3%. Qualcomm plunged 11.5% and Intel 7%, amidst broader tech weakness. This followed a significant rally and new scrutiny over AI firm Anthropic's share transfer policies.
Elsewhere, oil prices rose past $100 a barrel. The UK saw its 30-year bond yields surge to 1998 highs and Sterling weaken, as political pressure mounted on Keir Starmer after recent election setbacks, raising concerns over future fiscal policy.
Bitcoin Cycle Bottom Not Reached, Warn Experts
Bitwise CIO Matt Hougan states Bitcoin has not yet hit its cycle bottom, despite the February 6th drop. He foresees more "shocks" and believes the crypto winter started in January 2025. Hougan suggests institutional involvement could limit future post-halving drawdowns to 50-60%, a "new reality" differing from historical 80-90% drops.
Conversely, Santiment reports an "alarming" divergence: retail aggressively buys dips while institutions have sold significant volumes. They also note declining on-chain activity. Macroeconomist Lyn Alden concurs, predicting a "stagnation" phase where Bitcoin could fall another $10,000-$20,000. She notes V-shaped bottoms are rare without external economic stimulus.
Santiment also points to positive signals like reduced overly optimistic social media forecasts and a 30-day MVRV of -6, indicating potential for a recovery rally.
Bitwise CIO Matt Hougan states Bitcoin has not yet hit its cycle bottom, despite the February 6th drop. He foresees more "shocks" and believes the crypto winter started in January 2025. Hougan suggests institutional involvement could limit future post-halving drawdowns to 50-60%, a "new reality" differing from historical 80-90% drops.
Conversely, Santiment reports an "alarming" divergence: retail aggressively buys dips while institutions have sold significant volumes. They also note declining on-chain activity. Macroeconomist Lyn Alden concurs, predicting a "stagnation" phase where Bitcoin could fall another $10,000-$20,000. She notes V-shaped bottoms are rare without external economic stimulus.
Santiment also points to positive signals like reduced overly optimistic social media forecasts and a 30-day MVRV of -6, indicating potential for a recovery rally.
Kelp & Aave Begin Major Asset Recovery After $292M Hack
Protocols Kelp and Aave have commenced asset recovery following April's $292M exploit. Developers plan to return 117,132 rsETH to users within two weeks.
Key recovery steps are complete, including burning the exploiter's rsETH on Arbitrum. Funds will be progressively refilled from Aave Recovery Guardian and Kelp Recovery Safe into the LayerZero OFT adapter on mainnet. Kelp anticipates reopening withdrawals within 24 hours of the first mainnet transfer, reinstating deposits, minting, and cross-chain transfers.
Security upgrades have been implemented: LayerZero bridge now uses four independent nodes and 64 blocks for transaction confirmation, up from one node and 42 blocks. Kelp is also transitioning to Chainlink's CCIP. LayerZero previously acknowledged its default security was insufficient for high-value protocols. This incident, likely by Lazarus Group, was the year's largest DeFi hack.
Protocols Kelp and Aave have commenced asset recovery following April's $292M exploit. Developers plan to return 117,132 rsETH to users within two weeks.
Key recovery steps are complete, including burning the exploiter's rsETH on Arbitrum. Funds will be progressively refilled from Aave Recovery Guardian and Kelp Recovery Safe into the LayerZero OFT adapter on mainnet. Kelp anticipates reopening withdrawals within 24 hours of the first mainnet transfer, reinstating deposits, minting, and cross-chain transfers.
Security upgrades have been implemented: LayerZero bridge now uses four independent nodes and 64 blocks for transaction confirmation, up from one node and 42 blocks. Kelp is also transitioning to Chainlink's CCIP. LayerZero previously acknowledged its default security was insufficient for high-value protocols. This incident, likely by Lazarus Group, was the year's largest DeFi hack.
Gold Plummets to 1.5-Month Low Amid Rising Yields & Iran Tensions
Gold prices reached a 1.5-month low in Asian trade, pressured by surging global yields and heightened geopolitical tensions between the U.S. and Iran. Spot gold dropped 1.3% to $4,483.67/oz.
Markets fear a prolonged Middle East conflict will fuel energy-driven inflation, prompting central banks to raise interest rates. This boosts the appeal of other assets over non-yielding gold, increasing its opportunity cost. US 10-year Treasury yields hit a one-month high, while Japanese 10-year yields reached a 29-year peak.
Tensions remain high between the U.S. and Iran, with President Trump issuing warnings and considering renewed military action as peace talks stall. A strengthening dollar also added pressure on broader metal prices, with silver and platinum also seeing declines.
Gold prices reached a 1.5-month low in Asian trade, pressured by surging global yields and heightened geopolitical tensions between the U.S. and Iran. Spot gold dropped 1.3% to $4,483.67/oz.
Markets fear a prolonged Middle East conflict will fuel energy-driven inflation, prompting central banks to raise interest rates. This boosts the appeal of other assets over non-yielding gold, increasing its opportunity cost. US 10-year Treasury yields hit a one-month high, while Japanese 10-year yields reached a 29-year peak.
Tensions remain high between the U.S. and Iran, with President Trump issuing warnings and considering renewed military action as peace talks stall. A strengthening dollar also added pressure on broader metal prices, with silver and platinum also seeing declines.
Japan's Q1 GDP Expected to Show Second Quarter of Growth
Japan's economy likely expanded for a second consecutive quarter in Q1, fueled by recovering exports and solid domestic demand. A Reuters poll forecasts an annualized GDP growth of 1.7% for January-March, following a 1.3% rise in the previous quarter.
Private consumption and capital investment remained relatively firm. While Middle East tensions had a limited economic impact in Q1, analysts caution about potential future downside risks from higher crude oil prices and supply constraints. Net external demand contributed 0.2 percentage points to the growth.
This economic data will be a key factor for the Bank of Japan as it considers future interest rate adjustments. The preliminary Q1 GDP figures are due on May 19.
Japan's economy likely expanded for a second consecutive quarter in Q1, fueled by recovering exports and solid domestic demand. A Reuters poll forecasts an annualized GDP growth of 1.7% for January-March, following a 1.3% rise in the previous quarter.
Private consumption and capital investment remained relatively firm. While Middle East tensions had a limited economic impact in Q1, analysts caution about potential future downside risks from higher crude oil prices and supply constraints. Net external demand contributed 0.2 percentage points to the growth.
This economic data will be a key factor for the Bank of Japan as it considers future interest rate adjustments. The preliminary Q1 GDP figures are due on May 19.
GE Aerospace CEO Visits China's State Planner
GE Aerospace CEO Larry Culp was in Beijing Friday, visiting the headquarters of China's powerful state planner, the National Development and Reform Commission (NDRC). This follows China's agreement to order 200 Boeing jets, a deal struck after President Trump's talks with Xi Jinping.
This marks China's first US-made commercial jet purchase in nearly a decade. As Boeing's primary engine supplier, GE Aerospace stands to benefit, despite the order falling short of market expectations. Culp is part of a US business delegation accompanying Trump. GE Aerospace offered no immediate comment on the visit's purpose.
GE Aerospace CEO Larry Culp was in Beijing Friday, visiting the headquarters of China's powerful state planner, the National Development and Reform Commission (NDRC). This follows China's agreement to order 200 Boeing jets, a deal struck after President Trump's talks with Xi Jinping.
This marks China's first US-made commercial jet purchase in nearly a decade. As Boeing's primary engine supplier, GE Aerospace stands to benefit, despite the order falling short of market expectations. Culp is part of a US business delegation accompanying Trump. GE Aerospace offered no immediate comment on the visit's purpose.
Senate Confirms Kevin Warsh as New Fed Chair
The U.S. Senate has confirmed Kevin Warsh, a 56-year-old lawyer and financier, as the next Federal Reserve Chair. He assumes leadership from Jerome Powell, whose term ends Friday, as the central bank grapples with rising inflation and interest rate debates.
His confirmation followed Republican-majority approval, with Senator Thom Tillis lifting his blockade after the DOJ cleared Powell of a renovation inquiry. Many Democrats opposed Warsh, fearing for the central bank's monetary policy independence and questioning his autonomy from the Trump administration. Powell will remain a Fed governor.
Warsh has pledged to shrink the Fed's $6.7 trillion balance sheet, calling its bond holdings "__fiscal policy in disguise__." His tenure begins amid debates on potential rate hikes to combat inflation spreading beyond tariffs and oil price impacts.
The U.S. Senate has confirmed Kevin Warsh, a 56-year-old lawyer and financier, as the next Federal Reserve Chair. He assumes leadership from Jerome Powell, whose term ends Friday, as the central bank grapples with rising inflation and interest rate debates.
His confirmation followed Republican-majority approval, with Senator Thom Tillis lifting his blockade after the DOJ cleared Powell of a renovation inquiry. Many Democrats opposed Warsh, fearing for the central bank's monetary policy independence and questioning his autonomy from the Trump administration. Powell will remain a Fed governor.
Warsh has pledged to shrink the Fed's $6.7 trillion balance sheet, calling its bond holdings "__fiscal policy in disguise__." His tenure begins amid debates on potential rate hikes to combat inflation spreading beyond tariffs and oil price impacts.
Russian Gold Producer Stake Auction Fails
Russia's auction of a 67.2% stake in gold producer Uzhuralzoloto, seized from businessman Konstantin Strukov, failed to attract any bidders. The federal agency Rosimushchestvo had valued the stake at 140.43 billion roubles.
The sale was declared invalid due to a lack of applications by the submission deadline. A court ruling in July had transferred the majority stake to state ownership, part of Russia's broader asset nationalizations. Uzhuralzoloto is one of Russia's top 10 gold mining companies.
Russia's auction of a 67.2% stake in gold producer Uzhuralzoloto, seized from businessman Konstantin Strukov, failed to attract any bidders. The federal agency Rosimushchestvo had valued the stake at 140.43 billion roubles.
The sale was declared invalid due to a lack of applications by the submission deadline. A court ruling in July had transferred the majority stake to state ownership, part of Russia's broader asset nationalizations. Uzhuralzoloto is one of Russia's top 10 gold mining companies.
Dune Analytics Cuts 25% of Staff, Shifts Focus to AI and Institutions
Dune Analytics announced a major restructuring, leading to a 25% reduction in its workforce. CEO Fredrik Haga stated the move aims to sharpen focus on core data products, AI implementation, and institutional clients.
The platform will prioritize AI integration and catering to traditional finance, expecting a mass migration of assets to blockchain. They also launched Dune MCP for simplified dashboard creation without SQL knowledge. Haga assured the company retains sufficient capital and continues to ensure on-chain data accessibility.
This trend is not isolated. Coinbase and Block also announced cuts, with DL News closing due to similar shifts. OpenAI's Sam Altman previously suggested AI is sometimes an excuse for layoffs, while Snap replaced 1000 employees with AI to save $500M.
Dune Analytics announced a major restructuring, leading to a 25% reduction in its workforce. CEO Fredrik Haga stated the move aims to sharpen focus on core data products, AI implementation, and institutional clients.
The platform will prioritize AI integration and catering to traditional finance, expecting a mass migration of assets to blockchain. They also launched Dune MCP for simplified dashboard creation without SQL knowledge. Haga assured the company retains sufficient capital and continues to ensure on-chain data accessibility.
This trend is not isolated. Coinbase and Block also announced cuts, with DL News closing due to similar shifts. OpenAI's Sam Altman previously suggested AI is sometimes an excuse for layoffs, while Snap replaced 1000 employees with AI to save $500M.
Brazil Police Target Ex-Rio Governor, Refit Owner in Tax Probe
Brazilian federal police are investigating former Rio de Janeiro governor Claudio Castro and Refit refinery owner Ricardo Magro. The probe focuses on a fuel industry conglomerate suspected of tax evasion, asset concealment, and transferring funds abroad.
The Supreme Court has frozen approximately 52 billion reais ($10.4 billion) in assets and suspended the implicated companies' operations. A suspect is also slated for an Interpol Red Notice.
This development follows President Lula's past call for the US to arrest the Refit owner, who resides there. Castro resigned in March and was previously barred from office for eight years over electoral misconduct.
Brazilian federal police are investigating former Rio de Janeiro governor Claudio Castro and Refit refinery owner Ricardo Magro. The probe focuses on a fuel industry conglomerate suspected of tax evasion, asset concealment, and transferring funds abroad.
The Supreme Court has frozen approximately 52 billion reais ($10.4 billion) in assets and suspended the implicated companies' operations. A suspect is also slated for an Interpol Red Notice.
This development follows President Lula's past call for the US to arrest the Refit owner, who resides there. Castro resigned in March and was previously barred from office for eight years over electoral misconduct.
Iran Demands Release of Citizens Detained by Kuwait
Iran's Foreign Minister stated Kuwait unlawfully attacked an Iranian boat, detaining four citizens in the Gulf. Tehran demands their immediate release and reserves response rights.
Kuwait had announced it arrested four alleged Revolutionary Guards members attempting sea infiltration. This marks the latest regional tension between the nations.
Iran's Foreign Minister stated Kuwait unlawfully attacked an Iranian boat, detaining four citizens in the Gulf. Tehran demands their immediate release and reserves response rights.
Kuwait had announced it arrested four alleged Revolutionary Guards members attempting sea infiltration. This marks the latest regional tension between the nations.
Treasury Yields Surge to May 2025 Highs Amid Oil Jumps & Inflation
Longer-dated Treasury yields hit May 2025 highs Friday, driven by a 3% oil price surge. Trump's comments on Iran amplified fears of Middle East energy disruptions, boosting inflation concerns.
This week's data already showed US consumer prices at a three-year high and producer prices seeing their largest jump in four years. The 2-year note yield climbed to 4.062%, the 10-year to 4.552%, and the 30-year to 5.0992% – all reaching levels last seen in March/May 2025.
Longer-dated Treasury yields hit May 2025 highs Friday, driven by a 3% oil price surge. Trump's comments on Iran amplified fears of Middle East energy disruptions, boosting inflation concerns.
This week's data already showed US consumer prices at a three-year high and producer prices seeing their largest jump in four years. The 2-year note yield climbed to 4.062%, the 10-year to 4.552%, and the 30-year to 5.0992% – all reaching levels last seen in March/May 2025.