Investors pile into 3-month Treasuries as 30-year nears 5%

Paychecks are getting eaten by fixed costs first, and the gap is being bridged with credit, while investors are doing the same thing in Treasuries by shortening duration. The take ties both moves together: households lean on cards, BNPL, longer loans and cutbacks, while capital crowds into 3‑month bills and avoids 20-30 year bonds. With the 30‑year near 5%, the claim is rising debt and deficits are pushing a higher term premium at the long end.