According to CoinMeta, UBS indicates that today's sell-off of U.S. Treasury bonds is not a repeat of 1999. The yield on 10-year Treasury bonds recently reached 5.34%, sparking comparisons similar to those in 1999, when yields were near 5.8% during the internet bubble. UBS believes that although there are similarities between the current AI infrastructure boom and the telecommunications spending of that year, there are still significant differences. Unlike the budget surplus in 1999, the current U.S. fiscal deficit exceeds GDP of 6%, which means the market needs to absorb more long-term debt, potentially keeping yields high even if the Federal Reserve pauses interest rate hikes.