BREAKING: The US 10Y Note Yield officially rises above 4.90% for the first time since November 2023, now up +95 basis points since the Iran War began. This puts the 10Y Note Yield up another +10 basis points since the US Treasury said it was TRIPLING long-term buybacks to $6 billion. As we wrote in our below post yesterday, we are on track to see 5.00%+ by next week. As a result, borrowing costs skyrocketing for both the US government and US consumers. Now, the housing market is effectively frozen and US homebuyers are walking away from deals at the highest rate since 2023. The bond market is quite literally fighting the US Treasury. Prepare for a highly eventful Q4.(The Kobeissi Letter)