WALL STREET SEES 4%-5% TREASURY YIELDS AS NEW NORMAL Treasury yields are reaching levels unseen since 2008, as markets increasingly bet the Fed’s next move will be a hike. Bloomberg Economics argues the shift is structural: rising government debt, weaker global savings, higher defense spending and the AI investment boom are pushing borrowing costs higher. Its estimate puts a fundamentally justified 10-year Treasury yield near 4.7%, suggesting Trump’s push for substantially cheaper rates may face structural limits.(*Walter Bloomberg)