Treasury yields remained near multiyear highs after rising oil prices fueled inflation concerns and Treasury's first expanded long-bond buyback failed to calm markets. Treasury purchased $5.2 billion of longer-dated debt, below its $6 billion maximum, as investors questioned the program's ability to counter broader pressure on yields. Bonds stabilized Friday as oil prices eased ahead of key US inflation data.

A sell-off in long-term US debt has reverberated through global markets amid Middle East tensions and rising oil prices, heightening expectations for a Federal Reserve rate increase. Thirty-year US bond yields have reached a nearly 20-year high of 5.36%, while Brent crude hovered near $106 per barrel. The situation has led to a rise in government bond yields in Asia and Australia, and a drop in Asian stock markets.

Senate Republicans released revised CLARITY Act text ahead of a planned Sept. 15 vote, adding provisions governing when certain DeFi protocols must register with the CFTC and clarifying credit unions' authority to conduct digital-asset activities. The changes reflect continued negotiations, but significant differences remain over ethics provisions, leaving the path forward for the crypto market-structure legislation uncertain.

Join us on September 29 in NYC to hear from US Treasury, the IRS, and industry experts at SIFMA's Global Tax Reporting Symposium. We welcome keynote speaker, Kevin Salinger, to the program, who will share insights on tax policy developments. You will also hear expert discussions on regulatory priorities and navigating today's evolving global tax reporting landscape.