Today’s edition of quick hits.

* The worst bond yield since the early months of the Great Recession: “The benchmark 10-year Treasury yield climbed to its highest levels in 19 years on Tuesday as oil prices surge from the Iran conflict and expectations grow that the Federal Reserve will raise interest rates on Wednesday. The rate milestone could ripple through the economy as the 10-year yield is a benchmark for consumers loans and corporate funding.”

* On a related note, the benchmark 10-year Treasury yield is a reflection of Bessent’s serious troubles: “Sometimes the house doesn’t win. At a fireside chat at Southern Methodist University last week, Treasury Secretary Scott Bessent scoffed at those who doubted the wisdom of his interventions in currency and bond markets and dared investors to bet against him.”

* A key sticking point on the crypto bill was Democratic demands for limits on President Donald Trump’s investments, which Republicans refused to approve: “A sweeping bill that would create business-friendly rules for cryptocurrencies stalled in the Senate on Tuesday, a major blow to the crypto industry’s plans in Washington. The Senate voted 50 to 49 to block consideration of the Clarity Act, a high-profile piece of legislation that was shaped by crypto executives over months of negotiations with Congress and the White House.”

* The White House’s antipathy toward Europe is real and radical: “The Trump administration is stripping tens of millions of dollars in U.S. military assistance from countries in Europe and the Middle East to support conservative-leaning governments in Central and South America.”

* No word on whether the Kentucky Republican’s views on paid sick leave have changed: “Sen. Mitch McConnell returned to the Capitol on Monday, saying he would cast his first vote since a June fall that left him hospitalized for weeks and sidelined for nearly three months.”

* All is not well at CBS: “The refurbished ‘60 Minutes’ suffered double-digit ratings declines with its Season 59 premiere. Sunday’s episode brought in 7.7 million viewers on CBS, down 19% from last season’s premiere, according to preliminary Nielsen panel data provided to TheWrap. The broadcast drew 1.5 million viewers among adults ages 25–54, a steeper 33% year-over-year decline in the key demographic.”

* On the one hand, I’ve made the case more than once that the administration has too many ambassadorial vacancies. On the other hand, this isn’t what I had in mind: “President Donald Trump on Monday nominated the wife of ‘God Bless the USA’ singer Lee Greenwood to serve as the U.S. ambassador to Barbados and the Eastern Caribbean. Kimberly Greenwood was among a list of nominees the Trump administration sent to the U.S. Senate for confirmation.”

See you tomorrow.

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