S&P resilience has been impressive given Iran w/ Brent back over $100. But US Treasury buying back only $6B today in long-dated bonds after threatening to use TGA which has ~$900B has sent 5/10yr bond ylds to new 52wk highs & 30yr threatening multi-decade highs. Straw meet camel? -- DAN NILES 09-SEP-2026 12:02 PM ET