Aug 20 — Treasury buybacks, Moderna surge, and a crypto rally

• Treasury Secretary Bessent announced a ramp-up in long-dated debt buybacks — easing financial conditions and reshaping the global rates and duration trade. • Moderna surged 177% in a single session after positive personalized mRNA cancer vaccine data with Merck — reigniting the biopharma sector and adding over $40B in market value. • Bitcoin briefly crossed $70,000 for the first time since June, driven by Treasury liquidity tailwinds and over $1B in short liquidations — showing crypto now tracks macro signals closely.