The yield fear is back. This time, the Treasury auction turned a gradual selloff into something much more serious. The 5Y U.S. Treasury yield broke above 5%, its highest since 2007. The $70B 5Y Treasury Bond auction cleared at 5.033%. Even after yields had already moved sharply higher, buyers still demanded more compensation to absorb the supply. This is increasingly a Treasury demand problem. Treasury is expanding buybacks to support long-end liquidity. Yet yields are still pushing higher. Investors are demanding higher returns to hold U.S. government debt.