Bond-market danger zone becomes the new normal as yields stay higher for longer

The bond market’s old ceiling is turning into a floor as the 30-year Treasury yield holds above 5% (14 straight sessions, 29 times this year), signaling a higher-for-longer regime that could weigh on stocks even as inflation fears retreat. Global government yields are rising together due to stronger funding needs, with the 10-year yield near its May peak while breakeven inflation has cooled and real yields risen; the Fed’s next move remains the key test for whether this higher-yields environment becomes the new normal.