US 10-Year Treasury Yield Tops 5.33%, Highest Since 2007; UK 30-Year Hits 6%

The synchronized move in US and UK long-end yields matters less as a Treasury story than as a discount-rate story: when the risk-free curve reprices this far, every duration-sensitive asset — equities, real estate, and yield-bearing crypto/RWA products — is repriced against it. The RWA sector is directly exposed, since tokenized treasuries and yield instruments compete with a 5%-plus risk-free alternative, and their pitch weakens if that level holds. The open question is whether the inflation and oil pressure cited here keeps long-end yields elevated, or whether this proves a spike rather than a regime.