US 30-Year Treasury Yield Tops 5.5%, Highest Since 2004

The move matters less as a Treasury story than as a discount-rate story: when the long end clears 5.5% while one-year inflation expectations sit at 4.6%, real yields stay high enough to reset the hurdle for every long-duration, cash-flow-light asset — the exact profile of most tokenized RWA and crypto infrastructure projects. The pairing with a weak-but-improving sentiment print suggests this is a term-premium and fiscal-supply problem, not a growth story. Whether the long end stabilizes or keeps repricing is the open question for risk appetite across the sector.