Federal Reserve Bank of Minneapolis President Neel Kashkari said U.S. Treasury markets remain orderly, functioning and sufficiently liquid despite a recent rise in yields across maturities, indicating the bond-market move is unlikely to reshape monetary-policy discussions. The benchmark 10-year Treasury yield recently closed around 4.73%, while the 30-year yield has held near its highest level since 2007 and moved above 5%. Kashkari said ample liquidity allows the federal funds rate to remain the primary tool for reducing inflation, noted that yields were much higher in the 1990s, and said he needs more data and does not want to prejudge the next policy meeting, though he does not currently expect inflation to return to target in the near term. He has linked the yield rise mainly to government borrowing, expanding fiscal deficits, AI and data-center capital spending, and fiscal and trade policies rather than short-term rate settings. Treasury Secretary Scott Bessent has expanded debt buybacks of older, less liquid bonds to support market functioning. Higher long-term yields raise financing costs for housing, infrastructure and AI projects and increase discount rates on future earnings, pressuring growth stocks.