Rates — What a 5% 10-Year Costs

Yardeni’s Multiple, the Fed’s Dots and the AI Trade

The Federal Reserve decides at 18:00 UTC today with the 10-year Treasury yield at 4.996% — its highest close since October 2023, after touching 5.00% on Monday and printing 5.008% on Tuesday morning. The 30-year is 5.36%, the 5-year 4.83%, the three-month bill 3.96%. A quarter-point hike is priced at roughly four in five and the market has stopped argui…