The U.S. 30-year Treasury yield rose to 5.3%, its highest level since 2007, prompting the Treasury Department to say it will at least double purchases of long-dated bonds from September to November. Federal debt crossed $40 trillion this week, while interest payments reached $963 billion in the first 10 months of the fiscal year—exceeding military spending and slightly topping Medicare. The dollar index fell to a three-month low and gold gained 4.7% this week after setting a record above $5,500 an ounce in January.

A hedge fund was pushed to the brink by a liquidity crunch after a steep drop in semiconductor shares, as global chip stocks lost $3 trillion in market value in July. Citadel stepped in to buy $16 billion of the fund’s public equity holdings at a 10% discount, a deal intended to prevent an uncontrolled wave of selling. The fund had previously been chosen to play a leading role in SK Hynix’s $27 billion U.S. IPO. The episode underscored systemic risks in the semiconductor sector and weighed on the Nasdaq semiconductor index.