The U.S. Treasury is "at least" doubling debt buybacks for longer-dated nominal coupon securities, causing a surge in fixed income activity after yields hit highs not seen in years. Kevin Hincks explains why the headline is so significant for bonds and beyond. He turns to global movers tied to the U.S.-Iran war after the United Arab Emirates cut off trade with Iran. In equities, Kevin discusses the massive move in Moderna (MRNA) shares after it and Merck (MRK) announced positive phase 3 results for a melanoma vaccine.