UBS: TODAY’S TREASURY SELLOFF IS NOT 1999 ALL OVER AGAIN The 10-year Treasury yield recently hit 5.34%, reviving comparisons with 1999, when yields approached 5.8% during the dotcom boom. UBS sees similarities between dotcom-era telecom spending and today’s AI infrastructure boom, but major differences remain. Unlike 1999’s budget surplus, today’s U.S. deficit exceeds 6% of GDP, leaving markets to absorb far more long-duration debt and potentially keeping yields elevated even if the Fed pauses.(彭博社)