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#LongYields5%NewNormal The Fed hiked 25bps, but long bonds barely flinched 👀 The 10-year briefly dipped to 4.95% before returning near 5%, while the 30-year stayed above 5%. What caught my attention is the long end may be trading less on Fed policy and more on structural forces: AI capex, capital demand, inflation risk and term premium. If 5% becomes the new floor, every high-beta asset faces a tougher valuation test.