Strong August nonfarm payrolls of 162,000 jobs, well above consensus, lifted the 30-year Treasury yield to 5.24% on September 4 and boosted market-implied odds of a Federal Reserve rate hike at the September 15-16 FOMC meeting. Traders are now focused on next week’s core CPI release, which could reinforce or ease concerns over persistent inflation amid elevated term premium and heavy Treasury supply driven by fiscal deficits exceeding 5% of GDP. Recent data revisions and labor-market resilience have anchored expectations for higher-for-longer policy, while Treasury buyback expansions have provided only temporary support. The yield curve steepening and real-rate component near multi-year highs underscore the sensitivity of long-end pricing to incoming economic releases through month-end.