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Long-Dated Treasury Yields Spike Above 5% as Energy Costs Reignite Inflation Concerns

The 30-year Treasury yield breached 5% this week, marking its highest level since 2007. Surging energy prices intensified inflation expectations across global markets. Back-to-back US inflation reports this week showed mounting price pressures, surprising traders who had expected relief. Japan's 20-year government bond yield simultaneously reached its highest point since 1997, reflecting synchronized global concerns about persistent inflation. Investors accelerated their retreat from government bonds. They cited expectations for extended price pressures and elevated borrowing needs. Rising oil prices drove the yield surge, with energy costs fueling forecasts for sustained inflation. The sharp move in long-dated securities reflects growing concern that central banks may maintain restrictive policy longer than previously anticipated.