Fed officials have so far resisted characterising the rise in long-end yields as a policy concern, attributing it to term premium re-pricing rather than a signal of tightening financial conditions. But with the 30-year now touching levels last seen in 2007, some officials are quietly monitoring whether higher borrowing costs begin to surface in mortgage delinquency or corporate refinancing data over the coming months. The door to a resumption of rate cuts remains open — the data will have to close it. 🔒