According to The Kobeissi Letter, equity markets are showing notable reactions as the US 10-Year Treasury Note yield rises above 4.50%, now more than 80 basis points higher than pre-Fed Pivot levels. This surge in yields is pushing mortgage rates above 7%, auto loan rates past 10%, and credit card rates over 20%, signaling tighter financial conditions. For crypto traders, these developments are critical, as higher yields and borrowing costs often reduce risk appetite in traditional markets, which can either increase volatility or drive flows into digital assets as alternative investments (Source: The Kobeissi Letter, May 21, 2025).