Thomas Urano says strong demand at the latest 10-year Treasury auction shows investors, including foreign buyers, are finding value despite elevated yields. He discusses whether 10- and 30-year yields could reach 6%, as well as foreign demand, yield volatility and fiscal concerns in Europe. Urano also highlights an underappreciated pressure on the bond market: heavy government borrowing is competing with a massive private-sector AI investment cycle for the same global capital.