**Elevated 30-year Treasury yields near 5.27% as of September 2, 2026, reflect persistent inflation pressures and fiscal concerns.** Higher oil prices above $90 per barrel, driven by renewed U.S.-Iran tensions and supply disruptions, have lifted inflation expectations and prompted markets to price a roughly 65-70% chance of a 25 basis point Fed funds rate hike at the September 15-16 FOMC meeting. Hawkish comments from Chair Kevin Warsh and other officials, alongside heavy Treasury issuance and widening deficits, have steepened the long end of the curve and pushed the 30-year yield to multi-year highs. Recent data show the 10-year near 4.80% and two-year around 4.39%, with traders monitoring upcoming CPI releases and geopolitical developments for further moves in long-term rates through year-end.