U.S. 30-Year Yield Nears 5% as Curve Steepens

The U.S. long bond continued its sell-off on Tuesday, with the 30-year Treasury yield climbing 5 basis points to 4.939%, according to late-morning pricing. The move extended an earlier advance that had already pushed the yield up 3.3 basis points to 4.922% at the start of the session, putting the benchmark within sight of the 5% threshold last touched in 2025’s midsummer volatility. Short-dated rates moved in the opposite direction. The two-year Treasury yield slipped 1.5 basis points to 3.715%, leaving the curve noticeably steeper. The spread between five- and 30-year maturities widened back out to roughly 115 basis points, underlining investor expectations for firmer long-term inflation and growth even as near-term policy rate forecasts remain anchored.