Six Years into Bond Bear Market, 30-Year Treasury Yield Hits 5.28%, Yield Curve Steepens, but Spreads Are still too Narrow

The 30-year Treasury yield jumped by 7 basis points on Friday, and by 12 basis points during the week, to 5.28%, the highest since July 2006, now 165 basis points above the Effective Federal Funds Rate (EFFR, blue in the chart below), which the Fed targets with its policy rates.