The U.S. Treasury’s $13 billion 20-year bond auction cleared at a record 5.420% yield, up from 5.204% at the prior sale, as pressure persisted across long-dated government debt. Indirect bidders received 52.47% of the offering, down from 62.93%, while direct bidders took 30.68% and primary dealers absorbed 16.85%. The bid-to-cover ratio rose to 2.57 from 2.53, indicating demand exceeded supply but required higher yields. The 10-year Treasury yield briefly reached 5.045%, its highest since 2007, amid concerns over inflation, energy prices, fiscal borrowing needs and the Federal Reserve’s policy path. JPMorgan’s Treasury client survey showed short positions rose 10 percentage points in the week through September 14, while net longs fell to a roughly four-month low.