The long bond was discontinued in 2001, based on projections for wide-ranging surpluses. As those forecasts turned into red ink, traders demanded the 30-year's return, to no avail until last August.
Friday's rally in longer-dated debt started when a large fund manager reportedly started buying up when-issued 30-year bonds, which are traded prior to the actual auction.
The market followed suit, yanking when-issued yields
Somewhere I read that bonds were the equivalent of buying insurance at a Blackjack table - why bother?