The anomalous recent behavior of the 10-year yield is actually as sign that "demand for Treasury debt is weaker than first meets the eye."

Long-term investors are pulling back from US Treasuries as yields hit multi-year highs, federal debt tops $40 trillion, and foreign purchases

Rising Treasury yields push 30-year rates above 5.3%, squeezing lower-rated US borrowers as defaults climb and tech giants flood the bond market.