WS #14692
US bond yields have surged to their highest levels since the early 2000s, with the 30-year yield reaching 5.44% and the 5-year note breaking the 5% threshold. This move is driven by a hot Flash PMI reading of 57, oil prices above $105, and Federal Reserve officials signaling that rate cuts are off the table for the foreseeable future. The resulting 'higher-for-longer' environment is triggering a broad repricing of risk assets, particularly impacting high-multiple tech stocks and cryptocurrencies like Bitcoin, which has slid below $84K.
Soaring Yields and Hawkish Macro
US bond yields have surged to their highest levels since the early 2000s, with the 30-year yield reaching 5.44% and the 5-year note breaking the 5% threshold. This move is driven by a hot Flash PMI reading of 57, oil prices above $105, and Federal Reserve officials signaling that rate cuts are off the table for the foreseeable future. The resulting 'higher-for-longer' environment is triggering a broad repricing of risk assets, particularly impacting high-multiple tech stocks and cryptocurrencies like Bitcoin, which has slid below $84K.