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#LongYields5%NewNormal The Fed hiked 25bps, but the long end barely blinked 👀 The 10-year briefly dipped toward 4.95% before returning near 5%, while the 30-year stayed above 5%. What caught my attention is the curve. If short yields stabilize but long yields stay elevated, this may be structural, not just Fed policy. AI capex, inflation risk and term premium are competing for capital. For BTC and high-beta assets, 5% long yields could become the new hurdle.