10-Year Treasury Yield Tops 5% for First Time Since 2023

The notable signal is the shape of the move: long-end yields pushing through a multi-year threshold while the front end eases, a bear-steepening that points to term premium and inflation risk rather than growth optimism. That combination — oil above $109, core inflation at 3.4%, and near-certain odds of a hike — leaves little room for the Fed to signal relief, and it raises the discount rate applied across every risk asset, crypto and tokenized RWA included. Whether the long end settles below the threshold or the steepening extends is the open question.