U.S. Treasury yields have risen sharply, with the 10-year yield reaching 4.9% and the 30-year yield climbing above 5.34%, fully reversing the declines seen after Bessent’s intervention. The move has increased long-term U.S. government borrowing costs and pushed yields to some of their highest recent levels, pointing to a potentially tighter monetary environment. Market pricing in the “Fed Decisions from June to September” markets reflects a significant decline in expectations that the Federal Reserve will maintain a sequence of pauses. Investors will be watching Federal Reserve communications, inflation data and employment figures for clues about upcoming policy decisions. Continued increases in yields could indicate that the Federal Reserve may choose not to pause at its upcoming meetings.