Block sales of 43,000 Treasury futures contracts on May 20 reveal rapid unwinding of May 13 long positions, pushing the 30-year yield above 5.19 percent for the first time since July 2007. Primary Treasury auction calendars and CBO baseline deficit projections indicate sustained net marketable borrowing above $1.8 trillion annually through fiscal 2025, independent of geopolitical events. The Hormuz traffic repricing, documented in EIA weekly petroleum status reports, adds a concurrent supply-shock channel that lifts front-month crude by roughly $12 since mid-April. Market participants interpret these twin pressures as reaccelerating inflation that forces a hawkish tilt in global policy paths, while liability-driven investors and pension funds view the same move as a technical breach requiring stepped-up duration hedging. Federal Reserve minutes from the April-May period emphasize data dependence without committing to rate cuts, leaving open the possibility of unchanged or higher policy rates by year-end. Equity valuation models that embed a terminal 10-year yield near 4.5 percent now face upward revision, particularly for duration-sensitive growth sectors. Secondary coverage has under-weighted the interaction between routine Treasury refunding schedules and the timing of Iranian-related inventory draws, which together create a self-reinforcing bid for higher real yields rather than a purely sentiment-driven spike.