Nick Timiraos also pointed out that the recent rise in the 10-year U.S. Treasury yield to over 5%, near its highest level in 20 years, cannot be simply attributed to Federal Reserve rate hikes. Investors attribute this to growth expectations driven by AI investments, competition for capital from data center financing, and a re-evaluation by the market of future inflation and the Federal Reserve's terminal interest rate. This indicates that the U.S. Treasury market is no longer solely focused on the current rate hike, but rather on how long high interest rates will be maintained.