10y10y Yields Are Above 2008 Highs: The S&P 500 Is Becoming The New Bond Market

The long end of global government bond markets is pricing in a structurally higher rates and term premium, signaling skepticism toward fiscal and demographic sustainability. Despite recent US data suggesting lower yields, the 10y10y forward rate has surged to 5.9%, above its 2008 peak, reflecting market expectations beyond the current cycle.