Aug 25 — Tariffs, buybacks, bond yields and a crypto surge

• The US Treasury is doubling long-dated bond buybacks to at least $4B per operation starting September 9 — a liquidity injection that eases financial conditions even as 30-year yields hit 5.3% for the first time since 2007. • Bitcoin posted its largest weekly dollar gain ever, rising $14,264 or 22.7% to close at $77,387, backed by $2.6B in ETF inflows and record short liquidations — signaling a decisive shift in crypto risk appetite. • New 50% US tariffs on Canadian goods took effect Saturday after talks broke down — threatening auto supply chains, stoking inflation risk, and putting USMCA credibility in question with retaliation likely.