The 10-year US Treasury yield has returned to 5%, and there has been no severe sell-off in the cryptocurrency market and global stock markets. Wall Street's pressure threshold for interest rate risk has been raised to the range of 5.5% to 6%. Mike Bell, Head of Market Strategy at BlueBay Asset Management, stated that there is no absolute magic point in the market that triggers a sell-off, and the key lies in the relative premium between US Treasury yields and risk asset returns. JPMorgan Chase has found that investors believe the level of returns that truly forced a comprehensive stock market revaluation has shifted upward. Paul Jackson, head of global asset allocation research at Jingshun, pointed out that when the 12-month moving average of 10-year US Treasury yields rises above 4.72%, global stock markets are often suppressed. Federal Reserve official Goolsby warns that sustained high financing costs will ultimately erode corporate budgets and capital expenditures. Premier Miton's Chief Investment Officer Neil Birrell stated that the current calm in the market is due to the fact that institutional profit models have not fully accounted for long-term discount rates above 5%.
