As 30-year Treasury yields reach heights unseen in nearly two decades, Pacific Investment Management invites long-term investors to reconsider what they are actually seeing — not a crisis, but a homecoming. The firm argues that the era of artificially suppressed rates following the 2008 collapse was the true anomaly, and that today's elevated yields represent a restoration of historical norms rather than a departure from them. Against a backdrop of a $40 trillion national debt, unpredictable Treasury policy, and warnings from figures like Ray Dalio, Pimco's counsel is one of patient perspectiv