The 30-year Treasury yield hit 5.59%, the highest level since 2000.

In March 2020, that same rate stood at 0.99%.

What is being repriced is not short-term inflation, but the term premium.

Debt at 100% of GDP, interest payments and mandatory spending consuming virtually all federal revenue, and rising issuance at the long end of the curve.

Investors buying 30-year paper today want to be compensated for fiscal risk, not the economic cycle.

Duration is no longer the safe haven it was for two decades.