The US 30-year Treasury yield closed at 5.14%, a level not seen since July 2007.
Long-term yields have climbed from the low-4% range earlier this year to above 5% in May 2026. The 22-basis-point jump over the past month alone, and 38 basis points from a year ago, reflects a sharp repricing of what investors demand to lend the US government money for three decades.
What’s driving the surge
What’s happening structurally is called a bear steepening of the yield curve: long-term rates are rising faster than short-term rates. This pattern typically signals that investors see inflation sticking around, or that they’re worried about the ballooning supply of government debt, or both.
Historical context matters
