Bond-market repricing: Yields spike, weak auctions, fiscal stress, global tightening

10-year yield at 4.70%, 30-year above 5.25%. 30-year auction at 5.216% (highest since 2001). TBAC reveals $1.45T funding shortfall. Fed early-warning system flags overvaluation. BOJ hawkish push adds global pressure. New: Global rate hike expectations building across 32 swap markets; 30-year yield consolidation and rising 5y5y forward real rate suggest repricing of neutral rate.