المنشور

The pressure at the long end looks broader than a single inflation trade. With the 30-year Treasury yield reaching 5.29%–5.32%, its highest since 2007, and the 10-year near 4.72%, investors are confronting heavier long-dated issuance alongside competing demand for capital from investment-grade borrowers. June reductions in Treasury holdings by the UK, Japan and China add another constraint, while the JGB selloff suggests this is not uniquely American. My read: if these forces persist, higher long-term borrowing costs may become a durable macro headwind rather than a temporary market shock. Not advice, just analysis. #30YYieldHits2007High