On Thursday, following a sharp rise in Brent crude, the 30-year US Treasury
yield rose about 4bps to 5.44%, its highest level since 2004. Yields across the
curve had already surged earlier this week, leaving several maturities near
highs not seen since 2007. Columbia Threadneedle portfolio manager Ed
Al-Hussainy said investors now require greater compensation to lock funds for 30
years. Stronger growth, elevated energy prices, persistent inflationary pressure
and larger government borrowing are pushing long-term yields higher and
intensifying pressure on long-dated Treasuries. The rise in 30-year yields has
undercut Treasury efforts to lower long-term funding costs; the Treasury under
Bessent expanded its government bond buyback program in mid‑August to ease
market stress, but the measure has not produced a sustained market impact.
