**The 30-year Treasury yield bottomed near 5.22% early in September before climbing sharply to 5.56% by September 28, reflecting persistent upward pressure from elevated fiscal supply, resilient economic data, and rising term premia.** Heavy Treasury issuance amid a budget deficit exceeding historical norms, combined with roughly $215 billion in expected corporate debt offerings and AI-driven capital demand, has lifted real yields and the term premium. Geopolitical tensions pushing oil prices higher have added to inflation concerns, while the Federal Reserve’s hawkish signals—pricing in potential tightening—have reinforced the move. Yields have now spent more days above 5% than in any year since 2006. With September nearly complete, the month’s low is largely set, though any late data releases or policy comments could still influence final resolution.