Updated

The U.S. Treasury Department was expected to announce around 11 a.m. the size of a bond buyback operation it first flagged on Aug. 19, with Treasury Secretary Scott Bessent warning foreign-exchange traders that he is now 'the house' in the market. The remarks come as the department works to manage debt issuance amid volatile rate expectations, with Bessent positioning Treasury as an active participant shaping currency and bond market dynamics. Analysts have since flagged Bessent's interventions as a potential risk to the broader stock rally, warning that a combination of a stronger yen and higher Treasury yields could prove a toxic mix for equities. Separately, Bessent's planned appearance and political remarks at the GOP convention in Dallas have raised questions among investors about whether his increasingly partisan public posture could undermine market confidence in his credibility as a steward of bond-market stability.