BlockBeats News, May 18th. According to a CITIC Securities research report, on May 15th, the 10-year U.S. Treasury yield surpassed 4.5% and the 30-year U.S. Treasury yield reached 5.0%, breaking through two key psychological thresholds. At the same time, long-term rates in major developed markets such as the UK, Japan, and Germany followed the upward trend, putting pressure on global risk assets.

CITIC Securities believes that the recent rise in interest rates is being driven by a broad-based uptick in U.S. inflation data, the muscle memory of the "Powell Pivot," mounting pressures on U.S. Treasury supply, political turmoil in the UK, and concerns about fund outflows triggered by rising Japanese bond yields. As a global asset pricing anchor, a significant increase in long-term U.S. Treasury rates is expected to lead to a stronger U.S. dollar, a setback for growth stock valuations, downward pressure on precious metals and long-duration credit assets, and liquidity shocks to emerging markets.

Previously, the market has continuously ignored oil price and inflation risks. However, in an environment where global oil inventories continue to be depleted, the high levels of oil prices + inflation + interest rates may persist. The key focus going forward will be on developments in the Strait of Hormuz and policy signals after Powell takes office.