According to CoinMeta, the current yield on 10-year U.S. Treasury bonds has returned to 5%, and there has been no sharp selling in the cryptocurrency market or global stock markets. Wall Street's tolerance for interest rate risk has shifted upward to the 5.5% to 6% range. Mike Bell, the head of market strategy, stated that there is no absolute magic number that would trigger a sell-off; the key lies in the relative premium between Treasury bond yields and the returns on risky assets. JPMorgan Chase has found that investors believe the yield level that would truly force a comprehensive revaluation of the stock market has risen. Paul Jackson, the head of global asset allocation research at Invesco, pointed out that when the 12-month moving average yield on 10-year Treasury bonds rises above 4.72%, global stock markets tend to be pressured. Federal Reserve official Guslby warned that persistent high financing costs will eventually erode corporate budgets and capital expenditures. Neil Birrell, the chief investment officer, said that the current calm in the market is due to the fact that institutional profit models have not yet fully taken into account a discount rate of over 5% in the long term.