The Treasury curve on September 8 2026 stood at 3.81% (1-month), 3.94% (3-month), 4.15% (1-year), 4.39% (2-year), 4.57% (5-year), 4.80% (10-year) and 5.25% (30-year) - a curve whose long end has repriced far more than its front end, consistent with a term-premium and fiscal-supply story rather than a pure policy-path story.