Допис

#LongYields5%NewNormal The 10-year Treasury yield has briefly moved above 5%, while the 30-year yield has climbed above 5.3%. Markets are reacting to a combination of renewed Fed tightening, persistent inflation risks and concerns about the amount of government debt that private investors must absorb. Mortgage rates have followed higher, with the average 30-year fixed rate reaching 6.95%. A sustained 5% long-term yield would change the valuation framework for almost every major asset class. Growth stocks, real estate and speculative crypto projects become less attractive when investors can earn a comparatively high return from government bonds. At the same time, banks and insurers may benefit from higher yields. My view is that “5% as the new normal” should be treated as a scenario, not a certainty. The path of inflation and fiscal policy will determine whether this becomes a durable regime or a temporary spike.