US Treasury yields rise, overvalued tech stocks and growth assets face discount rate pressure

On July 20th, the yield on 10-year US Treasury bonds rose to around 4.60%, and the 20-year yield broke through 5.1%, as the market re traded long-term inflation and term premium pressures. Energy prices have gained a risk premium due to the escalation of the US Iran conflict and restrictions on transportation in the Strait of Hormuz, reinforcing concerns about secondary inflation. The concentrated issuance of long-term bonds by large enterprises has boosted long-term yields, and the 10-year US Treasury yield approaching 4.6% has put discount rate pressure on overvalued technology stocks and growth assets.