Treasury yields are 'really, really high,' but can come down soon, Bessent's new adviser says

Markets are digesting a clear rates move catalyst titled "Treasury yields are 'really, really high,' but can come down soon, Bessent's new adviser says". David Zervos said that bond yields are "really, really high by any historic standard, so I think we have some room to come down in the future." Zervos' comments come after the 10-year and 30-year U.S.

Moves in duration reprice equity multiples and credit conditions across the whole board, not just one sector. Rate-sensitive growth stocks, REITs, and long-duration tech usually feel the move first when the long end jumps or collapses. Yields are the transmission with the 10Y near 5.27%: the equity implication only sticks if the long end stays in motion after the headline. Focus on what is distinct in this headline versus other same-theme stories today. Follow-through in the 10Y over the next session.