30-Year Treasury Yield Jumps to 4.96% despite “Solid” Auction, Long End of Yield Curve Steepens, Mortgage-Rate Spread Historically Wide

The 30-year Treasury yield rose by 10 basis points on Friday to 4.96%, despite a 30-year Treasury auction on Thursday that was described as “solid” and “strong,” where the government sold $22 billion of 30-year bonds at a yield of 4.89%.