THE US 30-YEAR TREASURY YIELD JUST HIT ITS WORST STRETCH SINCE 2006. It has now traded above 5% for 56 straight trading days in 2026, the most of any year in 20 years. Oil above $90 after the Iran escalation is bringing inflation fears back. Heavy government spending already made investors wary of lending for 30 years. Now corporate bonds are stealing that money instead. Hyperscalers paid 110 to 120 basis points more than Treasuries in August, and foreign investors put $61 billion more into corporate debt than into Treasuries. The gap is about to widen further. The government needs to borrow $739 billion this quarter, while $215 billion in new corporate debt hits the market in September alone. Washington is now competing with America's biggest companies for the same money. Bessent doubled bond buybacks to $4 billion per operation to calm yields, but the effect faded almost instantly. The bigger buybacks haven't even started yet, and they're too small to fix the real problem: too much debt, too much borrowing. Warsh already sounded hawkish at Jackson Hole. This week's jobs and inflation data will decide what comes next. If inflation stays high and the Fed holds off, investors will just demand higher yields to keep lending long-term.