**Elevated 30-year Treasury yields near 5.25-5.27% reflect sustained pressure from large fiscal deficits exceeding $40 trillion in federal debt, heavy Treasury and corporate supply, and a rising term premium.** Hawkish Federal Reserve communications under Chair Kevin Warsh, including signals around potential September rate action amid inflation readings above the 2% target, have reinforced expectations for a higher-for-longer policy path. Recent data show the longest stretch of yields above 5% since 2006, with Treasury buybacks offering only temporary relief against competing issuance and investor demands for greater compensation on long-duration holdings. Key near-term catalysts include the September 15-16 FOMC meeting, September 11 inflation releases, and ongoing labor market reports that could shift rate expectations and long-end pricing.