diff --git a/Cargo.lock b/Cargo.lock
index d50677bf67806..85aa203d2b917 100644
--- a/Cargo.lock
+++ b/Cargo.lock
@@ -5945,9 +5945,9 @@ checksum = "e987b6bf443f4b5b3b6f38704195592cca41c5bb7aedd3c3693c7081f8289860"
 
 [[package]]
 name = "tracing"
-version = "0.1.29"
+version = "0.1.34"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "375a639232caf30edfc78e8d89b2d4c375515393e7af7e16f01cd96917fb2105"
+checksum = "5d0ecdcb44a79f0fe9844f0c4f33a342cbcbb5117de8001e6ba0dc2351327d09"
 dependencies = [
  "cfg-if",
  "log",
@@ -5958,9 +5958,9 @@ dependencies = [
 
 [[package]]
 name = "tracing-attributes"
-version = "0.1.18"
+version = "0.1.20"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "f4f480b8f81512e825f337ad51e94c1eb5d3bbdf2b363dcd01e2b19a9ffe3f8e"
+checksum = "2e65ce065b4b5c53e73bb28912318cb8c9e9ad3921f1d669eb0e68b4c8143a2b"
 dependencies = [
  "proc-macro2",
  "quote",
@@ -5969,11 +5969,12 @@ dependencies = [
 
 [[package]]
 name = "tracing-core"
-version = "0.1.21"
+version = "0.1.26"
 source = "registry+https://github.com/rust-lang/crates.io-index"
-checksum = "1f4ed65637b8390770814083d20756f87bfa2c21bf2f110babdc5438351746e4"
+checksum = "f54c8ca710e81886d498c2fd3331b56c93aa248d49de2222ad2742247c60072f"
 dependencies = [
  "lazy_static",
+ "valuable",
 ]
 
 [[package]]
@@ -6148,6 +6149,12 @@ dependencies = [
  "serde",
 ]
 
+[[package]]
+name = "valuable"
+version = "0.1.0"
+source = "registry+https://github.com/rust-lang/crates.io-index"
+checksum = "830b7e5d4d90034032940e4ace0d9a9a057e7a45cd94e6c007832e39edb82f6d"
+
 [[package]]
 name = "vcpkg"
 version = "0.2.8"
diff --git a/demo/billing/Cargo.toml b/demo/billing/Cargo.toml
index 338caa7f695b9..55af9baadf0b8 100644
--- a/demo/billing/Cargo.toml
+++ b/demo/billing/Cargo.toml
@@ -20,7 +20,7 @@ env_logger = "0.9.0"
 futures = "0.3.21"
 futures-channel = "0.3.16"
 hex = "0.4.3"
-tracing = "0.1.29"
+tracing = "0.1.34"
 mz-ore = { path = "../../src/ore", features = ["task"] }
 postgres-types = { git = "https://github.com/MaterializeInc/rust-postgres", branch = "mz-0.7.2" }
 prost = "0.9.0"
diff --git a/src/avro/Cargo.toml b/src/avro/Cargo.toml
index 807c1554b771c..3cbd4f269c78d 100644
--- a/src/avro/Cargo.toml
+++ b/src/avro/Cargo.toml
@@ -21,7 +21,7 @@ digest = "0.10.0"
 enum-kinds = "0.5.1"
 flate2 = "1.0.22"
 itertools = "0.10.3"
-tracing = "0.1.29"
+tracing = "0.1.34"
 rand = "0.8.4"
 regex = "1.5.4"
 serde = { version = "1.0.136", features = ["derive"] }
diff --git a/src/ccsr/Cargo.toml b/src/ccsr/Cargo.toml
index b27f24ea9aef5..0ac5a425a6da9 100644
--- a/src/ccsr/Cargo.toml
+++ b/src/ccsr/Cargo.toml
@@ -22,5 +22,5 @@ hyper = { version = "0.14.16", features = ["server"] }
 lazy_static = "1.4.0"
 serde_json = "1.0.78"
 tokio = { version = "1.16.1", features = ["macros"] }
-tracing = "0.1.29"
+tracing = "0.1.34"
 mz-ore = { path = "../ore", features = ["task"] }
diff --git a/src/coord/Cargo.toml b/src/coord/Cargo.toml
index 5603c71eae69b..c492db6f398af 100644
--- a/src/coord/Cargo.toml
+++ b/src/coord/Cargo.toml
@@ -27,7 +27,7 @@ itertools = "0.10.3"
 mz-kafka-util = { path = "../kafka-util" }
 lazy_static = "1.4.0"
 log = "0.4.13"
-tracing = "0.1.29"
+tracing = "0.1.34"
 mz-aws-util = { path = "../aws-util" }
 mz-ore = { path = "../ore", features = ["task"] }
 mz-persist = { path = "../persist" }
diff --git a/src/dataflow-types/Cargo.toml b/src/dataflow-types/Cargo.toml
index 1001a7d3fd7a1..c1a30a4287b56 100644
--- a/src/dataflow-types/Cargo.toml
+++ b/src/dataflow-types/Cargo.toml
@@ -27,7 +27,7 @@ mz-persist-types = { path = "../persist-types" }
 mz-kafka-util = { path = "../kafka-util" }
 http = "0.2.6"
 http-serde = "1.1.0"
-tracing = "0.1.29"
+tracing = "0.1.34"
 num_enum = "0.5.6"
 mz-aws-util = { path = "../aws-util" }
 mz-ore = { path = "../ore" }
diff --git a/src/dataflow/Cargo.toml b/src/dataflow/Cargo.toml
index 8d404850123e0..762d70fbfcea0 100644
--- a/src/dataflow/Cargo.toml
+++ b/src/dataflow/Cargo.toml
@@ -35,7 +35,7 @@ itertools = "0.10.3"
 mz-kafka-util = { path = "../kafka-util" }
 lazy_static = "1.4.0"
 log = "0.4.13"
-tracing = "0.1.29"
+tracing = "0.1.34"
 mz-avro = { path = "../avro", features = ["snappy"] }
 mz-aws-util = { path = "../aws-util", features = ["kinesis", "s3", "sqs"] }
 mz-ore = { path = "../ore", features = ["task"]  }
diff --git a/src/dataflowd/Cargo.toml b/src/dataflowd/Cargo.toml
index 1e31b585fcdf2..11e9b18ee64fa 100644
--- a/src/dataflowd/Cargo.toml
+++ b/src/dataflowd/Cargo.toml
@@ -16,7 +16,7 @@ async-trait = "0.1.52"
 clap = { version = "3.0.14", features = ["derive", "env"] }
 mz-dataflow-types = { path = "../dataflow-types" }
 mz-dataflow = { path = "../dataflow" }
-tracing = "0.1.29"
+tracing = "0.1.34"
 mz-ore = { path = "../ore" }
 timely = { git = "https://github.com/TimelyDataflow/timely-dataflow", default-features = false, features = ["bincode"] }
 tracing-subscriber = "0.3.7"
diff --git a/src/http-proxy/Cargo.toml b/src/http-proxy/Cargo.toml
index 138a5925185d9..6562f660a6431 100644
--- a/src/http-proxy/Cargo.toml
+++ b/src/http-proxy/Cargo.toml
@@ -17,7 +17,7 @@ hyper-proxy = { version = "0.9.1", optional = true }
 hyper-tls = { version = "0.5.0", optional = true }
 ipnet = "2.3.1"
 lazy_static = "1.1.1"
-tracing = "0.1.29"
+tracing = "0.1.34"
 reqwest = { version = "0.11.9", optional = true }
 
 [features]
diff --git a/src/interchange/Cargo.toml b/src/interchange/Cargo.toml
index 46b7eb34bc245..26816eb5a0a73 100644
--- a/src/interchange/Cargo.toml
+++ b/src/interchange/Cargo.toml
@@ -24,7 +24,7 @@ futures = "0.3.21"
 hex = "0.4.3"
 itertools = "0.10.3"
 lazy_static = "1.4.0"
-tracing = "0.1.29"
+tracing = "0.1.34"
 mz-avro = { path = "../avro", features = ["snappy"] }
 num-traits = "0.2.14"
 ordered-float = { version = "2.10.0", features = ["serde"] }
diff --git a/src/kafka-util/Cargo.toml b/src/kafka-util/Cargo.toml
index a326504a08980..881e8343ac21d 100644
--- a/src/kafka-util/Cargo.toml
+++ b/src/kafka-util/Cargo.toml
@@ -21,5 +21,5 @@ rdkafka = { git = "https://github.com/fede1024/rust-rdkafka.git", features = ["c
 serde = { version = "1.0.136", features = ["derive"] }
 serde_json = "1.0.78"
 tokio = { version = "1.16.1", features = ["macros"] }
-tracing = "0.1.29"
+tracing = "0.1.34"
 url = "2.2.2"
diff --git a/src/materialized/Cargo.toml b/src/materialized/Cargo.toml
index 75e090ad9f9c1..c96c1b31867a5 100644
--- a/src/materialized/Cargo.toml
+++ b/src/materialized/Cargo.toml
@@ -83,7 +83,7 @@ timely = { git = "https://github.com/TimelyDataflow/timely-dataflow", default-fe
 tokio = { version = "1.16.1", features = ["sync"] }
 tokio-openssl = "0.6.3"
 tokio-stream = { version = "0.1.8", features = ["net"] }
-tracing = "0.1.29"
+tracing = "0.1.34"
 tracing-subscriber = "0.3.7"
 url = "2.2.2"
 uuid = "0.8.2"
diff --git a/src/persist/Cargo.toml b/src/persist/Cargo.toml
index 23e61817b592c..dfc60e734be40 100644
--- a/src/persist/Cargo.toml
+++ b/src/persist/Cargo.toml
@@ -40,7 +40,7 @@ fail = { version = "0.5.0", features = ["failpoints"] }
 futures-executor = "0.3.21"
 futures-util = "0.3.19"
 lazy_static = "1.4.0"
-tracing = "0.1.29"
+tracing = "0.1.34"
 md-5 = "0.10.0"
 mz-aws-util = { path = "../aws-util", features = ["s3"] }
 mz-ore = { path = "../ore", default-features = false, features = ["metrics", "task"] }
diff --git a/src/pgwire/Cargo.toml b/src/pgwire/Cargo.toml
index f82367905d9af..45b1618195db5 100644
--- a/src/pgwire/Cargo.toml
+++ b/src/pgwire/Cargo.toml
@@ -19,7 +19,7 @@ mz-expr = { path = "../expr" }
 futures = "0.3.21"
 itertools = "0.10.3"
 lazy_static = "1.4.0"
-tracing = "0.1.29"
+tracing = "0.1.34"
 openssl = { version = "0.10.38", features = ["vendored"] }
 ordered-float = { version = "2.10.0", features = ["serde"] }
 mz-ore = { path = "../ore" }
diff --git a/src/s3-datagen/Cargo.toml b/src/s3-datagen/Cargo.toml
index 3e293e7d8c6df..7ade0dfacaf82 100644
--- a/src/s3-datagen/Cargo.toml
+++ b/src/s3-datagen/Cargo.toml
@@ -16,5 +16,5 @@ indicatif = "0.16.2"
 mz-aws-util = { path = "../aws-util", features = ["s3"] }
 mz-ore = { path = "../ore" }
 tokio = { version = "1.16.1", features = ["macros", "net", "rt", "time"] }
-tracing = "0.1.29"
+tracing = "0.1.34"
 tracing-subscriber = { version = "0.3.7", default-features = false, features = ["env-filter", "fmt"] }
diff --git a/src/sql-parser/Cargo.toml b/src/sql-parser/Cargo.toml
index ef2f7b619c354..3b071c394a451 100644
--- a/src/sql-parser/Cargo.toml
+++ b/src/sql-parser/Cargo.toml
@@ -12,7 +12,7 @@ enum-kinds = "0.5.1"
 hex = "0.4.3"
 itertools = "0.10.3"
 lazy_static = "1.4.0"
-tracing = "0.1.29"
+tracing = "0.1.34"
 mz-ore = { path = "../ore", default-features = false, features = ["stack"] }
 phf = { version = "0.10.1", features = ["uncased"] }
 uncased = "0.9.6"
diff --git a/src/sql/Cargo.toml b/src/sql/Cargo.toml
index a35a8eff7248a..9355dcfdff217 100644
--- a/src/sql/Cargo.toml
+++ b/src/sql/Cargo.toml
@@ -22,7 +22,7 @@ globset = "0.4.8"
 mz-interchange = { path = "../interchange" }
 itertools = "0.10.3"
 lazy_static = "1.4.0"
-tracing = "0.1.29"
+tracing = "0.1.34"
 mz-avro = { path = "../avro", features = ["snappy"] }
 mz-aws-util = { path = "../aws-util", features = [ "sts" ] }
 mz-ore = { path = "../ore", features = ["task"] }
diff --git a/test/metabase/smoketest/Cargo.toml b/test/metabase/smoketest/Cargo.toml
index 9ec86a3832757..1e8d1aed5c4f2 100644
--- a/test/metabase/smoketest/Cargo.toml
+++ b/test/metabase/smoketest/Cargo.toml
@@ -13,7 +13,7 @@ path = "src/main.rs"
 [dependencies]
 anyhow = "1.0.52"
 itertools = "0.10.3"
-tracing = "0.1.29"
+tracing = "0.1.34"
 mz-metabase = { path = "../../../src/metabase" }
 mz-ore = { path = "../../../src/ore", features = ["task"] }
 tokio = "1.16.1"
diff --git a/test/perf-kinesis/Cargo.toml b/test/perf-kinesis/Cargo.toml
index 01f4e7da61778..697605da55a56 100644
--- a/test/perf-kinesis/Cargo.toml
+++ b/test/perf-kinesis/Cargo.toml
@@ -19,7 +19,7 @@ clap = { version = "3.0.14", features = ["derive"] }
 env_logger = "0.9.0"
 futures = "0.3.21"
 futures-channel = "0.3.16"
-tracing = "0.1.29"
+tracing = "0.1.34"
 mz-aws-util = { path = "../../src/aws-util", features = ["kinesis"] }
 mz-ore = { path = "../../src/ore", features = ["task"] }
 rand = "0.8.4"
diff --git a/test/test-util/Cargo.toml b/test/test-util/Cargo.toml
index 19c69115914ad..b0e9c0604ef80 100644
--- a/test/test-util/Cargo.toml
+++ b/test/test-util/Cargo.toml
@@ -10,7 +10,7 @@ rust-version = "1.58.0"
 anyhow = "1.0.52"
 chrono = { version = "0.4.0", default-features = false, features = ["clock", "std"] }
 mz-kafka-util = { path = "../../src/kafka-util" }
-tracing = "0.1.29"
+tracing = "0.1.34"
 mz-ore = { path = "../../src/ore", features = ["task"] }
 rand = "0.8.4"
 rdkafka = { git = "https://github.com/fede1024/rust-rdkafka.git", features = ["cmake-build", "libz-static"] }