Bond yields are holding near their highest levels in over a decade despite the efforts of Treasury Secretary Scott Bessent to contain borrowing costs. Stocks are rising, but the Dow industrials are still facing their largest weekly decline since March.

One asset benefiting from higher yields is bitcoin, which was recently up 6% and briefly neared $80,000 early this morning. It hasn't closed at that level since mid-May. The digital currency has also been buoyed by President Trump urging Congress to pass crypto-friendly legislation.

Yields on 30-year Treasurys are trading around 5.27%, with 10-year yields around 4.73%. Bessent said Thursday that the Treasury had a "big toolkit" for the Treasurys market, adding that the administration would announce an "increased focus on fiscal consolidation" in coming days.

Bessent also echoed President Trump's earlier comment about unleashing an economic D-Day on Iran, saying that "any remaining tie to Tehran will hasten a nation's economic oblivion, whether that tie be purposefully constructed or willfully ignored."

Brent crude futures were trading near $93 a barrel after climbing for five straight days.