Treasuries Gain as Oil Drop Eases Pressure on Inflation, Bessent

Treasuries rose as a decline in crude oil eased inflation fears, helping to partially offset pressure from Treasury Secretary Scott Bessent amid a months-long selloff. The selloff had pushed the longest-dated yields to their highest level in almost two decades, but oil’s move improved the near-term rate outlook. Overall, the tape shifted mildly risk-on for duration as inflation concerns cooled.