U.S. 10-year Treasury yields are nearing 5%—the anchor for how global risk assets are priced. As long-end rates rise, the valuation denominator for stocks and crypto also increases, making the cost of holding them higher. Historically, the 5% threshold hasn’t been crossed easily; each time the market has just touched it, there’s been a clear pullback. Right now, oil-price disruptions are still in play, inflation remains sticky, and long-end rates probably won’t ease anytime soon. For the crypto market, in the short term, rebounds can be propped up by sentiment and short covering—but in the medium term, it’ll depend on whether this anchor loosens. Do you think the 10-year yield will move above 5% this time, or will it get knocked back before it crosses the level?
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#美国10年期国债收益率逼近5%