US 10-year Treasury yield hits 4.8184%, highest since Nov 2023

The 10-year Treasury yield breaking above prior highs signals that bond markets are pricing in a stickier inflation environment than the Fed's earlier guidance suggested. This directly impacts risk asset valuations, particularly long-duration crypto and RWA projects that rely on cheap capital for growth. The key tension is whether the Fed's next move will validate market expectations or push back against them; if yields keep climbing, the pressure on speculative assets is likely to persist. Watch how the Fed's communication evolves in response to this repricing.