Report published August 25, 2026
Piper Sandler Fixed Income Weekly Update: Yield Curve Pressure & Treasury Buybacks (August 25, 2026)
Source and citation context
- Issuer
- Piper Sandler
- Report date
- August 25, 2026
- Analysis as of
- August 21, 2026
Finvaulta summarizes Piper Sandler's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
U.S. Treasuries experienced bear flattening last week as rising energy prices and the U.S. federal debt crossing $40 trillion elevated inflation and supply concerns. Markets are focusing on upcoming Treasury auctions and Chairman Warsh's keynote address at the Jackson Hole Symposium.
Key Takeaways
- 1.Treasuries faced bear flattening pressure last week as rising oil prices (+5.7% to $87.1) revived inflation concerns and U.S. federal debt surpassed $40 trillion.
- 2.The U.S. Treasury Department announced it would at least double liquidity support buybacks in the 10- to 30-year sector starting September 9, providing temporary long-end relief.
- 3.Market focus shifts to the Jackson Hole Economic Policy Symposium keynote address by Chairman Warsh, upcoming PCE inflation, and significant Treasury supply auctions.
Table of Contents
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- Economic Calendar
- Yield Curve Opportunities
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Report data
Chart 1: U.S. Public Debt Breaks $40 Trillion as the Fiscal Burden Accelerates — as of August 21, 2026.
| Metric | Estimate | Context |
|---|---|---|
| U.S. Public Debt | 40.0 USD Trillion | U.S. public debt surpassed $40 trillion, doubling from $20 trillion in under a decade. |
| 10-Year Treasury Yield | 4.74% | 10-year Treasury yield rose 4.2 bp on the week to 4.74%. |
| 30-Year Treasury Yield | 5.27% | 30-year yield touched 5.33% intraday before settling at 5.27%. |
| 2s/10s Treasury Spread | 0.5% | Yield curve bear-flattened as the 2s/10s spread narrowed by 2.4 bps. |
| WTI Crude Oil Price | 87.1 USD/barrel | WTI oil gained nearly $5/bbl (+5.7%) on geopolitical tensions and potential sanctions. |
Reports in this series
Fixed Income Weekly Update is shown in chronological order through this edition, published on August 25, 2026.
Part of the Fixed Income Weekly Update series — view all 6 editions
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Reported Data Context
- U.S. Public Debt: 40.0 USD Trillion (August 2026) · Source: US Treasury, Piper Sandler
- 10-Year Treasury Yield: 4.74 % (Week ending 2026-08-21)
- 30-Year Treasury Yield: 5.27 % (Week ending 2026-08-21)
- 2s/10s Treasury Spread: 0.5 % (Week ending 2026-08-21)
- WTI Crude Oil Price: 87.1 USD/barrel (Week ending 2026-08-21)