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#LongYields5%NewNormal Long-term Treasury yields held near 5% even after the Fed’s September 16 rate hike. The 10-year yield dipped toward 4.95% before returning close to 5%, while the 30-year yield stayed above 5%. Chair Walsh attributed long-end pressure to stronger growth, AI-related capital expenditure and geopolitical risk, but did not directly address fiscal deficits. If the 2-year yield stabilizes near 4.73% while the 10-year and 30-year remain elevated, the market may be pricing a structural increase in capital demand, inflation risk and term premium. That could establish a higher floor for borrowing costs and create continuing pressure on high-beta assets. Technology companies, private AI firms and crypto markets will need stronger cash-flow growth to offset the higher discount rate.