Bond market is choking on $28 trillion in U.S. Treasury debt.

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(Bloomberg) — The 20-year Treasury bond offered a grim warning as a selloff fueled by inflationary angst gripped global debt markets: 5% yields are already here.

The 20-year yield, a laggard on the US government debt curve since its re-introduction in 2020, topped 5% Wednesday for the first time since 2023. The move, fueled in part by concern that President-elect Donald Trump’s policies will rekindle price pressures and lead to wider deficits, indicates what’s potentially next in the $28 trillion Treasury market.

https://finance.yahoo.com/news/key-us-treasury-yields-approach-134001674.html

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