• “The local bears are in control, and I don’t see a reason that they won’t lean into this more,” said Gregory Faranello, head of US rates trading and strategy for AmeriVet Securities. “The global long-end is weak.”

(Bloomberg) — US Treasuries fell for a fifth session as demand for long-term government debt across the globe wanes amid a flurry of bond auctions this week.

Treasuries slipped across the curve, nudging the 30-year yield toward 5% to the highest since mid-June. The benchmark 10-year notes pared some losses Tuesday afternoon in New York with the yield rising about two basis points.

An auction of 3-year notes, meanwhile, attracted soft demand, marking the start of a combined $119 billion slate of Treasury coupon offerings this week. Sales of 10- and 30-year debt are set to follow the next two days.

Yields have been rising as investors pare bets on Federal Reserve interest-rate cuts by year-end following a report last week that showed a surprisingly resilient US labor market. Rates swaps show traders leaning toward a cut in September and then another quarter-point reduction by the end of the year.

“The local bears are in control, and I don’t see a reason that they won’t lean into this more,” said Gregory Faranello, head of US rates trading and strategy for AmeriVet Securities. “The global long-end is weak.”

In another sign of those pressures, the 30-year bond’s yield ended above the 20-year’s for the first time in nearly four years on Monday.

Read more: US 20-Year Yield Settles Below Longer Bond’s in First Since 2021

Earlier Tuesday, long-dated Japanese bonds sold off, sending a fresh wave of jitters through global markets and pushing yields on German bunds higher.

Long bonds are suffering as many of the traditional buyers withdraw from the market even as supply expands. Such securities tend to attract a smaller pool of investors due to their greater interest-rate risk, with moves often exacerbated by lower liquidity.

Last week, gilts sold off rapidly on concern about the nation’s fiscal outlook. This week, Japan is in focus with investors weighing if politicians will increase spending in the run-up to July 20 elections in the upper house. The yield on 30-year securities there approached a record, reverberating through other markets.

“Long rates are ugly across the globe, all bear-steepening,” said Andrew Brenner, head of international fixed income at NatAlliance Securities.

Read more: Japanese Bonds Fall as Political Risks to Nation’s Markets Mount

At the same time, Treasuries are caught up in a mix of sometimes contradictory risks surrounding President Donald Trump’s tariff roll-out, US fiscal policy and the outlook for the Fed.

Trump’s tax-and-spending bill is projected to widen the deficit, keeping bond supply concerns in focus.

On Monday, the administration unveiled letters threatening key trading partners with high tariff rates, though he’s left room for negotiations to continue and so far there’s little sign of read-through to the US economy.

On Tuesday, Trump said he wouldn’t offer extensions to the levies set to hit in early August, adding that he would impose a 50% rate on copper products being sent to the US.

“Fears that uncertainty over tariffs would cause companies to cut back on hiring have so far proved unfounded,” said Mark Haefele, chief investment officer at UBS Global Wealth Management.