Richmond Fed President Thomas Barkin stated that the recent rise in long-term interest rates reflects an increase in risk premiums, rather than market concerns about inflation. Barkin said during an online event on Thursday, "In my view, the supply of Bonds sometimes far exceeds demand, leading to higher yields." He mentioned, "I don't think it is an inflation issue; it should be the term premium, and the term premium is related to risk, but I feel it is also related to the long-term supply and demand balance." The yield on longer-term US Treasury Bonds rose this week to its highest level in over a year, with the 20-year yield briefly surpassing 5% on Wednesday.