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What if 5% long-term yields aren’t temporary anymore? That’s the question I’ve been thinking about lately. For years, markets became used to cheap money and very low borrowing costs. If long-term yields around 5% become more normal, I think investors may need to rethink what counts as an attractive return across almost every asset class. Personally, this is why I’m paying more attention to yields than individual Fed meetings. The Fed controls short-term rates, but long-term yields also reflect inflation expectations, government borrowing, growth and how much return investors demand to hold debt for decades. A sustained 5% environment could change the math for mortgages, corporate borrowing, stock valuations and even crypto. To me, the bigger question isn't “When will yields come back down?” #LongYields5%NewNormal $BTC