Yardeni: 10-year Treasury at 5% yield looks ‘very attractive’ as inflation cools

Yardeni's call rests less on the level itself than on a productivity-driven disinflation thesis, which makes it a bet on the durability of the easing trend rather than a simple valuation argument. That matters for anyone pricing risk across bonds and yield-sensitive assets like tokenized Treasuries, where the benchmark rate anchors relative value. The open question is whether incoming inflation data validates the productivity story or forces that 5% framing to be revisited.