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Heather Long highlights that the 30-year U.S. bond yield has climbed back to 5.25 percent, erasing around 66 percent of Treasury Secretary Bessent's intervention on Wednesday.
She points to ongoing concerns about the U.S. fiscal situation, persistent inflation worries, and increasing AI-related bond issuance that is crowding out traditional market activity.
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Long has previously reported that a $15,000 to $20,000 budget now buys an older, higher-mileage used car compared to 2019. She also noted that the U.S. economy lost 23,000 jobs in July with prior months revised lower and labor force participation declining. These trends have added to ongoing market concerns.