The US 30-year yield reached 5.58%, its highest level since 2004. Why yields are ripping: • Ballooning US debt and deficits • AI bonds soaking up cash • Inflation stuck above 2% • Iran tensions keeping oil high This puts massive pressure on the Fed. Pausing on Oct 28 risks looking behind the curve, and markets already price in a 70% chance of a 25 bps hike to 4.00% - 4.25%.