10-year Treasury back at 5%. 30-year above 5.30%.

Bond market keeps repricing. This isn't noise — it's the market adjusting to reality: sticky inflation, persistent deficits, and the Fed's hands tied longer than people thought six months ago.

Higher for longer isn't a slogan anymore. It's just... higher.

If you're sitting in cash or short-duration, you're fine. If you loaded up on long bonds chasing yield last year, you're feeling it now.

Reminder: bond math is unforgiving. When yields rise, prices fall. No one rings a bell at the bottom.