Bond-market repricing: Yields spike, weak auctions, term premium, fiscal stress, AI debt indigestion

10-year yield at 4.70% (up 5bp on oil surge), 30-year above 5.25%. Gold rally post-payrolls miss adds to bond repricing narrative. $125B Treasury refunding auction with 30yr at 5.19%, net cash drain $28.7B. TBAC minutes reveal $1.45T funding shortfall in FY2027-28. Fed early-warning system flags overvaluation in bonds. BOJ hawkish push adds global bond repricing pressure. New: Demand cools at 10-year Treasury auction (bid-to-cover 2.53 vs 2.59) while 3yr held up, signaling term premium concerns; routine 10Y auction at 4.683% with steady demand but no stress.