“We’re not really at a level where people seem to be going crazy, saying ‘I want to buy the 30-year,’ and that should be a warning,” said John Fath, a managing partner at BTG Pactual Asset Management US LLC. “Bessent may try to address it by decreasing supply, but there’s already a lot of 30-year paper issued, so it’s not necessarily just new supply driving price action. It’s new sellers.”