MACRO: U.S. 10-year Treasury yield climbs to 4.856%, highest since Oct. 2023, even after $6B buyback

U.S. 10-year yields rising to 4.856% despite a $6B Treasury buyback signals tighter financial conditions and weak demand for duration, pressuring risk assets and raising discount rates for equities and crypto. Oil near $97 adds inflation risk, reducing the odds of near-term policy easing. BTC's consolidation suggests resilience but sensitivity to further rate or dollar strength remains elevated.