- The Treasury is selling $16 billion of 20‑year bonds Wednesday, with the when‑issued yield near 5.27%—the highest for that tenor since it was brought back in 2020.
- Rising long‑term yields show investors want bigger payouts amid inflation concerns and heavier government borrowing; the yield curve has steepened as short‑term yields eased.
- The sale follows record‑high rates in recent 30‑ and 10‑year auctions—a trend that could spill into higher mortgage and borrowing costs.
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