Bond yields pull back after the Treasury doubles liquidity support for buybacks. Allianz’s Mohamed El-Erian warns the recent turmoil could have big social and political consequences. Plus, Moderna and Merck rally on a major breakthrough for their skin cancer vaccine. And defense tech firm Lyntris makes its NYSE debut in a downsized IPO, with its CEO joining us to discuss the road ahead.<br><br>Squawk on the Street Disclaimer<br><br>Hosted by Simplecast, an AdsWizz company. See pcm.adswizz.com for information about our collection and use of personal data for advertising.

10AM Hour: Yields Retreat on Treasury Plan, Major Skin Cancer Breakthrough, Defense Tech Firm Goes Public 8/19/26

Squawk on the Street

[SPEAKER_03] Good Wednesday morning. Welcome to Squawk on the Street. I'm Carl Quintanilla with David Faber, Leslie Picker here at Post 9 of the New York Stock Exchange. Sarah Eisen is off today. Yields are pulling back after Treasury says it will double liquidity support for bond buybacks. We'll talk with Allianz's Mohamed El-Erian why he says the recent moves in the bond market will be more than just a headwind for the economy and the markets. We'll break down some of the social and political implications as well. A major breakthrough for Moderna and Merck's skin cancer vaccine. Shares of both of those companies dramatically on the rise. Moderna and Merck's skin cancer vaccine. Shares of both of those companies dramatically on the rise.

[SPEAKER_03] Kind of doubling today. We'll look at what the trial data says and what it means. Plus, defense tech firm Lintris going public today at the NYSE in a downsized IPO. The CEO is going to join us for more on that in just a minute. Let's get to bond yields, though. Very important story backing off the highs after the Treasury's announcement that it's increasing the maximum size of its buybacks to at least $4 billion from two. That news also helping stocks today as well. As we said, Mohamed El-Erian joins us here, chief economic advisor at Allianz. Has already written about this.

[SPEAKER_03] On some social platforms. Good to see you, Em. Thanks for having me. Are we calling this yield curve control?

[SPEAKER_07] We are. We're calling it. It's really Operation Twist. Like the good old days, you end up buying the long end and you'll issue more at the short end. And you're just trying to influence yields in the short term.

10AM Hour: Yields Retreat on Treasury Plan, Major Skin Cancer Breakthrough, Defense Tech Firm Goes Public 8/19/26

Read the full transcript

The candid version is on a podcast,
not the earnings call.

10AM Hour: Yields Retreat on Treasury Plan, Major Skin Cancer Breakthrough, Defense Tech Firm Goes Public 8/19/26

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.