The recent surge in 30-year Treasury yields, which reached 5.47% on November 13 after climbing 22 basis points over the prior week, stems primarily from elevated term premiums amid heavy federal debt issuance and a $1.99 trillion fiscal 2026 deficit. Persistent inflation pressures, including September headline CPI at 3.7% and recent hotter-than-expected core readings, alongside energy price pass-through, have reinforced expectations for a higher-for-longer policy path, with the Fed funds target at 3.75–4.00% following the October hike. This has widened the spread between long- and short-term yields while offsetting any relief from mid-November data or post-midterm fiscal gridlock signals. Key upcoming catalysts include the November 18 FOMC minutes, December 4 employment report, December 9 FOMC decision with projections, and December 10 CPI release, all of which could influence whether yields test or exceed the early-October peak near 5.66%.