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Long-term yields are becoming the real constraint on risk appetite. A 30-year Treasury above 5.5% and a 10-year near 5.23% raise the hurdle for housing and corporate funding at the same time. My read: markets may be repricing duration risk more than delivering a simple Fed verdict. If that persists, liquidity-sensitive assets face a tougher backdrop even without another policy surprise. #USLongTermYieldsRise