Druckenmiller Says US Borrowing Costs Still ‘Slightly Low’

The signal here is less the level of yields than the direction of the argument: a prominent macro voice treating current US financing costs as still accommodative implies the adjustment pressure, if it comes, would run through the long end rather than from policy alone. That matters for duration-sensitive assets, including tokenized Treasuries and any RWA product whose yield story rests on the front end staying anchored. Whether the framing gains traction among other macro commentators is the open question.