🚨BREAKING: The U.S. 30-year Treasury yield has risen to its highest level in more than two decades. US30Y hit 5.44%, a level last seen in June 2004. This means investors are demanding much higher returns to lend money to the U.S. government for 30 years. The selloff deepened after strong U.S. business activity data, rising Fed hike bets, and weak demand at a $70B 5Y T-auction. The Treasury is trying to ease pressure with up to $6 billion in long-bond buybacks, but yields are still pushing higher. When the 30-year yield rises, mortgage rates, corporate borrowing costs, and government interest costs usually rise too. It also puts pressure on stocks and crypto because higher yields make risk assets less attractive. In simple terms, the bond market is saying money is getting more expensive again. Next, markets will watch inflation data, jobs data, Fed comments, and Treasury auctions to see if yields keep rising or finally cool off.