The surge in term premium has intensified the selling pressure on U.S. Treasuries

The term premium has surged to levels not seen in over a decade in the past few weeks, driving a new round of selling in U.S. Treasuries and pushing yields to their highest in 24 years. Frank Rybinski, the head of macro strategy at Aegon Asset Management, stated that the rise in term premium indicates that market trends are persistent. Barclays noted that factors such as macroeconomic uncertainty and increased bond supply have collectively driven the recent rise.