Recent surges in the 30-year Treasury yield, reaching 5.61–5.65% on October 1 near 24-year highs, reflect resilient U.S. growth, elevated fiscal deficits, rising term premiums, and capital demands from AI infrastructure spending amid persistent inflation pressures. Softer-than-expected August core PCE data and Federal Reserve officials’ comments have tempered October rate-hike odds, shifting focus toward a potential December move, while high energy prices and heavy Treasury supply continue to anchor long-end rates higher. Key near-term catalysts include the September nonfarm payrolls report and October FOMC deliberations, which could influence whether yields extend gains or stabilize.