[Relentless Sell-Off in U.S. Treasuries: 10-Year and 30-Year Yields Hit Nearly 20-Year Highs] According to The Wall Street Journal, as investors reassess U.S. inflation, fiscal deficits, and long-term interest rate outlooks, ultra-long-term bonds are under pressure, further reinforcing the global bond market's trend of "long-term high yields." The U.S. Treasury market has faced a new wave of sell-offs, with the 30-year Treasury yield hitting its highest level since 2004. On Thursday, the yield on the 30-year U.S. Treasury briefly approached 5.45%, marking its highest level since 2004. Meanwhile, the 10-year Treasury yield reached 5.14% at one point, the highest since 2007. The rapid rise in yields reflects investors demanding higher long-term risk premiums to address the risks of a persistently widening U.S. fiscal deficit, increasing government debt, and the potential recurrence of inflation. The core shift in the bond market lies in investors no longer focusing solely on the Federal Reserve's short-term policy rates but beginning to reprice the long-term fiscal and inflation risks of the United States.