Treasury Yield Hits 19-Year High, Pressuring Borrowers

Xi Urges Iran Talks as Trump Hosts White House Summit

Senate Advances Antitrust Exemption for College Sports

Oracle Invokes Force Majeure Over Permit Delays

France Plans Troop Deployment to Protect Saudi Oil Hub

Treasury Yield Hits 19-Year High, Pressuring Borrowers

The yield on the 10-year U.S. Treasury note climbed to about 5.15% on Thursday, Sept. 24, before easing near 5.1%, its highest level since 2007, according to market reports. The 30-year yield also reached its highest level in about two decades. The rise followed an S&P Global survey showing U.S. business activity growing at its fastest pace in more than five years, reinforcing investors' concerns about inflation. Oil prices near $100 a barrel amid the Iran war added to expectations that the Federal Reserve would raise rates again after its Sept. 16 increase, its first since 2023. Major stock indexes fell as the bond sell-off pressured shares, while mortgage lenders faced pressure to raise rates. Higher Treasury yields can make home loans and corporate borrowing more expensive and increase the federal government's debt-service costs.

CNBC / Yahoo Finance / The Hill / The Mortgage Reports / Saxo

Xi Urges Iran Talks as Trump Hosts White House Summit

President Donald Trump and Chinese President Xi Jinping met for about three hours at the White House on Thursday, Sept. 24, opening a two-day summit on trade, technology and security. According to Chinese accounts, Xi urged Washington and Tehran to resume negotiations under the Islamabad Memorandum of Understanding and seek a comprehensive agreement covering Iran's nuclear program. NPR reported that a U.S. blockade of Iranian ports had cut off an estimated 12% of China's oil imports, underscoring the war's energy stakes for Iran's largest trading partner. Xi also urged Washington to oppose Taiwan independence and announced plans to invite 100,000 young Americans for study and exchanges over five years and send two pandas to Zoo Atlanta. The leaders later attended an East Room state dinner with technology executives including Elon Musk, Mark Zuckerberg, Jeff Bezos and Sundar Pichai. Talks were set to continue Friday after a previously announced trade-truce extension, with NPR and AP reporting low expectations for major breakthroughs.

NPR / AP / The Hill / Deseret News / CNBC / ABC News / CBS News / Middle East Monitor

Senate Advances Antitrust Exemption for College Sports

The Senate advanced a bill setting national rules for college sports Thursday, Sept. 24. Sponsored by Sens. Ted Cruz, R-Texas, and Maria Cantwell, D-Wash., the bill would conditionally shield the NCAA, conferences and schools from federal and state antitrust lawsuits over rules governing athlete pay caps, eligibility, transfers, recruiting and agent certification. It would also establish athletes' right to earn money from their name, image and likeness in federal law. The measure would set national standards for college athletics after years of antitrust litigation reshaped athlete compensation and left schools navigating differing state laws. A final Senate vote could come next week, but the House has left Washington until after the midterm elections, delaying the bill's path to enactment.

Washington Times / Senate Daily Press / Jackson Lewis

Oracle Invokes Force Majeure Over Permit Delays

Oracle invoked force majeure in response to state permitting delays affecting power for its planned New Mexico AI campus, citing a contract clause that can excuse obligations when events beyond a company's control prevent it from meeting them. The company sent the notice to a Blue Owl Capital unit developing Project Jupiter, a Stargate AI campus in Doña Ana County, seeking payment protection if the site misses its planned 2028 opening, Bloomberg reported Thursday, Sept. 24. The campus is intended to use Bloom Energy fuel cells supplied by an Energy Transfer natural-gas pipeline, but reports said the State Land Office had twice denied pipeline approvals, pushing its in-service date to Feb. 1, 2027. The state Environment Department has until Nov. 23 to decide on the fuel cells' air-quality permit, making power supply and permitting central to the project's timetable. About 20 banks lent roughly $18 billion for construction, and that debt traded below 90 cents on the dollar as Oracle and Blue Owl shares fell. Oracle said the project remained on its planned schedule and reaffirmed its commitment to New Mexico.

Bloomberg / CNBC / TechCrunch / Santa Fe New Mexican / Source NM

France Plans Troop Deployment to Protect Saudi Oil Hub

France will send troops, radar equipment and defense systems to Saudi Arabia to help protect the Red Sea oil hub of Yanbu, President Emmanuel Macron said Thursday, Sept. 24. Speaking to TF1 and France 2, Macron said the mission agreed with Saudi Arabia would defend the site without drawing France into a conflict. Yanbu provides an alternative route for Saudi oil exports, making its security important as disruptions strain energy supplies. Missile attacks by Yemen's Iran-backed Houthis have threatened that route and contributed to rising crude prices, Reuters reported. Macron said France had sufficient oil and gas supplies heading into winter and was working to keep deliveries flowing.

Reuters

September 25, 1867: Cattle Pioneer Oliver Loving Dies of Gangrene

Oliver Loving, co-creator of the Goodnight-Loving Trail, died in Fort Sumner, New Mexico, after wounds from a Comanche attack became infected with gangrene. His death ended his legendary partnership with Charles Goodnight, but their trail remained one of the most important cattle routes of the era.

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Sources

1. Yahoo Finance / CNBC / The Hill / The Mortgage Reports / Saxo
2. NPR / AP via The Press Democrat / The Hill / Deseret News / CNBC / ABC News / CBS News / Middle East Monitor
3. Washington Times / Senate Daily Press / Jackson Lewis
4. CNBC / TechCrunch / Santa Fe New Mexican / Bloomberg via Yahoo Finance / Source NM
5. Reuters via MarketScreener / Reuters via UOL