According to CoinMeta, as the yield on U.S. Treasury bonds rose, the yield on 30-year Treasuries remained near a 19-year high, and market expectations for a Federal Reserve interest rate hike surged. On Friday, the yield on 30-year Treasuries closed at around 5.21%, bringing long-term borrowing costs to levels not seen since 2007. Investors significantly increased their bets on a Fed interest rate hike in September following the Jackson Hole speech by Wall Street Chairman Kevin Warsh. The market reaction was most evident in short-term Treasuries, but long-term Treasuries continued to be under pressure from inflation, debt issuance, and rising financing costs.