Long-term Treasury yields in the U.S. have reached their highest levels in over a decade, causing unease among investors who typically view these rates as being low-risk. During a recent session, the yield on the 10-year Treasury note reached 4.30%, coming close to the highs seen in October 2022. When factoring out market-derived inflation expectations, the real yield on the 10-year Treasury is around 2%, its highest level since 2009. Similarly, the 30-year Treasury yield has climbed to 4.41%, surpassing the October 2022 highs and reaching levels not seen in over ten years. This has resulted in significant price declines for the iShares 20+ Year Treasury Bond ETF, prompting differing strategies from investors such as Warren Buffett and Bill Ackman.