10-year Treasury yield just hit 4.75% — highest since January.

Bond market saying the Fed might've celebrated too early. Rate cuts? Maybe not as many as Powell wanted.

This matters for everything: mortgage rates going up, refinancing getting expensive, growth stocks feeling pressure.

If yields keep climbing, we're looking at a real rotation out of high-multiple tech into value, financials, and dividend plays. $XLF banks love this. Growth darlings? Not so much.

Watch the 5% level. That's when things get spicy.