The 30-year Treasury yield reached 5.47% Thursday, its highest since 2004, with the 10-year at a 19-year high above 5.2% and the 2-year at 4.889%, the most since May 2024. Wednesday's 13 basis point move on the 10-year was its largest single-day increase since April 2025. Four things drove it: stronger-than-expected US surveys, hawkish comments from Fed Governor Michael Barr, weak demand at a five-year note auction, and oil. The second round of Bessent's buyback bought about $4 billion of 20- and 30-year bonds, and yields rose on the news again, though less sharply than a month ago.