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The 30‑year Treasury yield closed at 5.59%, a level not seen since the early 2000s. This move reshapes the risk‑free benchmark that underlies virtually every pricing model. For systematic investors, the shift has immediate implications for discount rates, term‑structure models, and the relative attractiveness of equity and credit strategies. The Yield Spike in Historical Context A 5.59% closing price for the longest‑dated U.S. government bond represents the highest level in more than two decades. Historically, such yields have coincided with periods of elevated inflation expectations and tighter monetary policy....