The U.S. Treasury's $25 billion 30-year bond auction cleared at 5.216%, the highest borrowing cost for that maturity since 2001, extending a run of expensive long-term funding after a 10-year sale a day earlier also priced at the highest level since 2007. The long bond drew decent demand, but the stop yield came slightly above the prevailing market level before the bidding deadline and the bid-to-cover ratio was 2.39, close to the recent 2.36 average, showing investors were willing to absorb supply only with extra compensation. The result reinforces pressure on President Donald Trump and Treasury Secretary Scott Bessent as large deficits, inflation uncertainty and the Federal Reserve's reduced role as a major buyer keep the term premium on long-dated Treasuries elevated. Treasury officials last week adjusted their borrowing guidance in a way investors read as leaving room to trim long-bond supply and rely more on shorter-term issuance, which can reduce current financing costs but raises refinancing risk. Fitch Ratings kept its AA+ rating on the U.S. credit profile while warning the fiscal deficit relative to the economy would widen in 2026.