US Treasury borrowing costs have climbed to their highest level in 25 years. Thursday’s 30-year Treasury auction cleared at a yield of 5.22%, the highest since August 2001. That is up from 5.06% at the previous auction and just 4.91% in January 2025. The increase comes as US national debt approaches $40 trillion, while the debt-to-GDP ratio has risen above 120%, surpassed only by the peak reached during the 2020–2021 #crisis. At the same time