10Y Treasury yield just hit 4.8%, the highest since 2023. This should be temporary. 3 reasons: 🔸 Housing can't take it. Mortgage rates near 6.9% have frozen the $55T market. Buying is so unaffordable that sellers now outnumber buyers by 34%. 🔸 Businesses can't borrow. Small business bank loans already run as high as 11.5%, SBA loans up to 14.75%. An economy that runs on capital flow stalls when credit gets this expensive. 🔸 Sept 11 CPI is the pivot point. A softer print will give the FOMC cover to hold, and once the hike gets priced out, yields likely fall back. Lower yields, more liquidity. Watch bitcoin:native ETH TLT #CPI #FOMC #Fed #Bitcoin #Crypto(BloFin Research)