Demand for 30-year U.S. Treasuries may be increasing, but… Unlike Frank’s teacher’s view—that the subscription multiple of 2.54 for the 30-year Treasury is higher than the average of previous auctions, suggesting potential growth in demand—October’s subscription multiple was lower than September’s. Moreover, subscription multiples are generally of limited relevance, as they may include substantial bids with very high yields that still count toward total subscription amounts. In practice, the actual yield at auction is nearly identical to the pre-sale yield, with a difference of just 0.001 percentage points, which is negligible. Looking at the yields of 30-year U.S. Treasury issuances, they continue to rise—and the rate of increase is accelerating. Therefore, risks associated with U.S. Treasuries cannot be ignored.