The 30-year Treasury yield touched 5.24% this past week before retreating slightly. It's the highest it's been in 20 years after the Federal Reserve left interest rates unchanged at its July meeting. So far, it's been the culmination of a six-year bear market in long-duration Treasury bonds that started with the COVID market reversal in 2020, continued through an aggressive Fed rate hiking cycle, and is now reacting to persistently high inflation. [...]