30-year Treasury yields just matched 2007

The long bond hit 5.31% on Monday, its highest since before the financial crisis, extending a selloff that already forced last week's $25 billion 30-year auction to price at 5.216%, the worst auction result for that maturity since 2001. Bloomberg's framing is blunt: investors are pricing in surging government spending, a wall of long-dated issuance, and inflation that has sat above the Fed's target for five straight years. A Bank of America survey found 62% of global hedge fund managers now expect 30-year yields to hit 6%. That's not a rounding error for anyone with duration exposure. Mortgage pricing, infrastructure financing, and every discounted cash flow model in the City just got repriced against a higher cost of long-term capital, and the next test is whether upcoming auctions still clear without further concession.