Wall Street Sees 5% US Treasury Yield as New Normal, Possibly a Floor

The framing matters more than the yield itself: calling 5% a floor rather than a peak signals that the risk-free rate is being repriced as a structural input, not a spike to be faded. That shifts the discount rate embedded in every long-duration asset, crypto and tokenized real-world assets included, since both compete with a genuinely yielding government alternative. The open question is whether this becomes a consensus anchor or cracks on the next soft data print; until then, the burden of proof sits with instruments that offer no yield.