US 30-Year Treasury Yield Hits 5.59%, Highest Since 2004

The signal here is about the long end, not the policy rate: 30-year borrowing costs at multi-decade highs reshape the discount rate applied to every long-duration asset, and crypto's 'digital gold' thesis is among those on the line. The pressure point is the term premium — compensation for holding duration risk rather than near-term rate expectations — since that is what tends to spill into risk assets and dollar funding conditions. Whether this level holds or mean-reverts is the open question, and it matters most for anyone valuing assets on far-dated cash flows.