10-Year Treasury Yield Hits Highest Close Since 2007; Ahluwalia Sees Peak Soon

Ahluwalia's read recasts a multi-year high in the 10-year as technical capitulation rather than a repricing of fundamentals, which matters because that distinction drives whether crypto and other duration-sensitive risk assets treat this as a floor or a warning. His preference for utilities over bonds is itself a signal about where relative value is being sought when the long end is this volatile. The open question is whether the yield actually tops out as he expects, or whether the selloff proves to have a fundamental driver that outlasts the technical one.