Behind the sustained rise in long-dated yields is growing concern about a deteriorating US fiscal picture amid a deluge of issuance to fund AI infrastructure.

US 10-year and 30-year Treasury yields hit two-month highs, with a Fed pause in the next three decisions at 55.5% YES.

The US 30-year Treasury yield has stayed above 5% for the longest stretch since 2007, reshaping risk asset dynamics and raising debt